Jefferson Bank is a participating lender in the City of San Antonio’s Homeownership Incentive Program (HIP). It offers eligible first-time homebuyers* a second loan, to be used in conjunction with Jefferson Bank’s purchase mortgage loan.
Features of the HIP 120 Loan Program:
- Provides assistance to first-time homebuyers
- Loan amounts between $1,000 and $15,000
- A no interest/no payments second loan
- Can be used for any combination of the down-payment and closing costs
- 25% of the loan is a perpetual loan due at the sale of the home, change in ownership or refinancing
- 75% of the prorated balance of the loan will be forgiven over 10 years while residing in the home**
*Borrowers must meet the following requirements to be eligible:
- Be at or below 120% of the Area Median Income (AMI) (see chart below)
- Complete the 8-hour Homebuyer Education Class
- Make a minimum $500 earnest money deposit on the purchase contract
- Be a U.S. citizen or legal resident
- Qualify with a mortgage lender for primary home loan
- Home must be located in the San Antonio city limits
2023-2024 Income Limits
(Updated by Department of Housing & Urban Development annually)
AMI | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person |
120% Limit | $73,750 | $84,300 | $94,800 | $105,350 | $113,800 | $122,200 | $130,650 |