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When it comes to purchasing a home, you want an experienced Realtor® on your side who can help you navigate the roads of down payment assistance grants and programs.  There are special requirements and processes involved that most real estate agents aren’t comfortable negotiating.  With Harvest Real Estate, you don’t have to worry about knowledge or expertise in this area.  Here are a few popular programs that many of our buyers have been able to use to their advantage.

City of San Antonio Down Payment Assistance Program – This Homeownership Incentive Program (HIP) is designed to assist eligible homebuyers in purchasing a new or existing home within the city limits of San Antonio.  Income eligibility guidelines are updated annually by the Department of Housing and Urban Development. For example, in 2012, a family of 4 with an annual income not exceeding $48,650 may qualify for up to $12,000 in down payment and closing costs assistance on a home price of no more than $110,000.  The maximum eligibility for a family of 8 would be an annual income of $64,250.  Contact us to see if you qualify for this program.

USDA Home Loan Program – This program is not exclusive to first-time homebuyers.  The program may assist buyers with up to 4% in down payment and closing costs assistance. Eligibility varies from county to county.  The San Antonio area has many rural suburbs that fall in the eligibility zones.  This link is used to determine eligibility for certain USDA home loan programs and the USDA Satellite Grant Program. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased or served must be located in an eligible rural area as defined by USDA.

Homepath Mortgage – According to the site, HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties while HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender, such as your local bank, credit union or other financial institution.

HUD Good Neighbor Next Door – Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.