San Antonio Homeownership Incentive Program: HIP 120

The San Antonio Homeownership Incentive Program: HIP 120 is designed to help first-time buyers with moderate incomes purchase homes in the city. It is one of two homebuyer assistance programs offered by the City of San Antonio.

The money can be used for a down payment or to cover closing costs. These funds can also be combined with other down payment assistance.

Eligibility requirements

To qualify for the San Antonio Homeownership Incentive Program: HIP 120, you must meet the following eligibility requirements.

1. You must qualify as a first-time homebuyer, meaning you haven’t owned a home within the past three years.
2. The property must be within the city limits of San Antonio.
3. Your income must be at or below 120% of the area median income (AMI). 
4. For new construction, the purchase price must be $301,200 or less. For existing homes, the purchase price must be $283,200 or less.

*For all DPA programs, income and purchase price limits are regularly reviewed and updated. These amounts were correct at publication but may change with time.

Type of loan

The San Antonio Homeownership Incentive Program: HIP 120 offers down payment assistance as a partially forgivable loan. 75% of the loan is forgiven after 10 years, provided you use the home as your primary residence and don’t move or sell during that time. 

You are responsible for repaying the remaining 25% of the loan. However, there is 0% interest on this loan, and you don’t have to pay it back until you sell the home. 

The City of San Antonio also has a fully forgivable down payment assistance loan, called HIP 80, which is available to buyers with incomes at or below 80% AMI. 

Amount of down payment assistance

The maximum down payment assistance available through HIP 120 is $15,000. To put this in perspective, that is enough money to make a 5% down payment on a $300,000 mortgage. 

Minimum borrower contribution

To qualify, the San Antonio Homeownership Incentive Program: HIP 120 asks that you contribute $500 of your own money toward your down payment. 

Many other programs in Texas require a $1,000 borrower contribution. So, although you do need to have some cash on hand, this program has a relatively minimal borrower contribution.

Purchase price limits

The purchase price limits for the HIP 120 program depend on whether you purchase new construction or an existing home. For newly constructed homes, the purchase price limit is $301,200. For existing homes, the limit is $283,300. 

The median sale price in San Antonio is currently $263,040, so there’s a good stock of houses in San Antonio that will work with this program.

Income limits

The income limit for the San Antonio Homeownership Incentive Program: HIP 120 Program is 120% of area median income (AMI). Currently, the AMI for San Antonio is between $73,750 and $139,100, depending on the size of your household.

Income limits are regularly evaluated and revised. Check if your current income qualifies by using our free down payment assistance finder.

How to qualify for the San Antonio Homeownership Incentive Program: HIP 120 Program

You must meet the eligibility criteria outlined above to qualify for this down payment assistance program. Use our free down payment assistance finder to check your eligibility.

How to apply for the San Antonio Homeownership Incentive Program: HIP 120 Program

Applications for the San Antonio Homeownership Incentive Program: HIP 120 are only accepted through approved and participating mortgage lenders. The City of San Antonio doesn’t accept applications directly. Use our free down payment assistance finder to connect with an approved lender who can help you submit your application.