Homeownership Incentive Program (HIP)


This Home Incentive Ownership (HIP) program has available funds to assist with purchaing a home within the boundaries of the City of San Antonio. Financial assistance in the form of a 0% interest, no payment loan, is provided to qualified homebuyers who do not exceed 80% of the Area Median Income for their household size, in accordance with Department of Housing & Urban Development guidelines. 

HUD Income Guidelines

Income eligibility is based on 2016 Median Family Income for the San Antonio, Texas MSA. Income limits are updated annually by HUD.

2016-17 Median Family Income
1 $34,800
2 $39,800
3 $44,750
4 $49,700
5 $53,700
6 $57,700
7 $61,650

The Homeownership Incentive Program

The Homeownership Incentive Program (HIP) assists eligible persons who are buying a new or existing home within the city limits of San Antonio with between $1,000 and $12,000 for down payment and closing costs. Please contact DPCD’s Housing Loan Coordinator for information or download our HIP INFORMATION FLYER.

Sales price of the property may not exceed $150,000 for an existing home and $200,000 for new construction.  The HIP loan will be in the form of a forgivable and perpetual loan.  25% of the loan will a perpetual loan and due at sale of home or change of ownership and 75% of the loan will be forgiven over 10 years.

Eligibility

Must be a homebuyer who has not previously purchased a home or not owned any residential property within the last three (3) years prior to seeking program assistance.

The home purchased must be located within the city limits of San Antonio. TIP: Check the Bexar Appraisal District’s website (www.bcad.org) and conduct a "Property Search" to make sure the property is being taxed by "City of San Antonio".

You must be able to qualify for an FHA 203(B), VA, or CONVENTIONAL loan from a legitimate institutional lender. Lenders require that you have satisfactory credit history and stable employment history.

In accordance with HUD, all units are required to be decent, safe, and sanitary. The HIP program performs a property review to comply with this HUD requirement.

All prospective homebuyers must complete a Homebuyer Education Course and submit a certificate of completion.  Only one member of the household is required to complete the course. The Department of Planning and Community Development (DPCD) currently operates a Homebuyers' Club Program, which offers tangible education and counseling benefits to homebuyers.

Minimize

6 Steps to Homeownership

1. Attend Homebuyers' CLUB Classes 
Attend Department of Planning and Community Development (DPCD) Homebuyers’ CLUB classes to obtain better understanding of the purchasing process, requirements, credit, home maintenance, etc.
2. Shop for a Loan 
Shop for your loan and choose a mortgage company or bank to finance the purchase.
3. Locate a Home 
Locate the home you want to purchase. A realtor may be able to help you, but the program does not require that a realtor represent you.
4. Enter Contract with Seller 
You must enter into an Earnest Money Contract with the seller and deposit a minimum of $500 with the title company as evidence of your intent to purchase home.
5. Determine Program Eligibility 
When your loan application is approved, the lender will submit the required information to DPCD. Your lender will determine if you are eligible for assistance under the HIP program or you can call DPCD
6. Approval! 
Once your lender submits a complete file to keep, a DPCD representative will process the file for Homeownership Incentive Program (HIP) approval

 

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1400 South Flores Street
San Antonio, TX 78204
Phone: 210.207.6459
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