Are you tired of paying for rent and want to become a homeowner but need some help with down payment for your home purchase? If you are looking to buy a home in the San Antonio area there are several down payment assistance programs available to choose from, including the San Antonio Homebuyer Incentive Program (HIP) offered though the City.
The San Antonio Homebuyer Incentive Program helps eligible residents who are buying a new or existing home within the program area with up to $12,000 for down payment or closing costs. As of May 31st 2015 the program area was expanded to include all areas of San Antonio that are within the City of San Antonio tax district. To be eligible for the down payment assistance home buyers must meet program income limit guidelines. The buyer’s home purchase amount cannot exceed $120,000.
If you are interested in taking advantage of this program one of the first steps is to participate in the Homebuyer’s Club, which is a home buyer education program that will provide a better understanding of the purchasing process, requirements, credit, home maintenance, etc.
After completing the Homebuyer’s Club classes your next step would be to shop for your loan and choose a mortgage company or bank to finance the purchase. It will be important for you to choose a lender that has familiarity with and experience of working with the SA HIP program.
Once you are pre-qualified by a lender you will be ready to start looking for a home within the price range that your lender has pre-qualified you for. While it is not required for you to use a REALTOR® for you to take advantage of the SA HIP down payment assistance program, a local REALTOR® familiar with the market and the guidelines of the program can be your best resource to help you find your new home and to guide through the process of making an offer, having the property inspected, negotiating repairs or contract changes, and keeping the sale on track through to closing. There is usually no cost to you to have a Buyer’s Agent represent you throughout the buying process.
Home Buyer education classes are held once a month over a couple of evenings. To register for the next class it is best to call to register at the beginning of the month as classes are usually held mid-month and they fill up quickly. If you want to register for this program, contact the City of San Antonio HIP program at (210) 207-5420 or view more information about classes and email through the website link at http://www.renewsa.com/ProgramsServices/HomebuyersClub.aspx
If you want to find out more about taking advantage of this or other down payment assistance programs in San Antonio or would like to request a no obligation Buyer Consultation with a knowledgeable, local REALTOR® contact Trudy Edwards of KELLER WILLIAMS Realty Heritage at (210) 595-9801 or TrueSARealEstate@gmail.com.