4 Most Common Types of Loans
Conventional
A conventional mortgage can lead to a low fixed rate or adjustable rate for your primary home, secondary home, or investment property.
FHA
An FHA mortgage is a great program for buyers. Its advantages are a low down payment without private mortgage insurance. The lender process can be streamlined, with no appraisal and reduced loan documentation to qualified applicants.
VA
A VA Mortgage offers many benefits, including no down payment and lower interest rates.
USDA
These are only available in certain areas deemed “rural” by the United States Department of Agriculture. Surprisingly, many properties on the outskirts of a metro area will qualify for these loan programs. The advantages of a USDA Mortgage are lower interest rates and zero down payment.
Homeownership Incentive Program (HIP 80 & HIP 120)
These programs from the City of San Antonio offer down payment and closing cost assistance in the form of forgivable loans, which can be very beneficial for first-time homebuyers. HIP 80 provides loans up to $30,000, with varying forgiveness periods based on the loan amount, while HIP 120 offers loans between $1,000 and $15,000 with 75% of the loan forgiven over a 10-year period if conditions are met​.
San Antonio Area Home Down Payment Assistance (TSAHC)
TSAHC provides down payment assistance which can be structured as either grants (that do not need to be repaid) or forgivable loans, depending on your situation. This assistance is available to various professionals under the "Homes for Texas Heroes" and "Home Sweet Texas Home Loan" programs
My First Texas Home Program and My Choice Texas Home
These programs by the Texas Department of Housing and Community Affairs offer down payment assistance in the form of a forgivable or deferred repayment lien, and are open to first-time as well as repeat buyers
NHF Down Payment Assistance Program
Sponsored by the National Homebuyer Fund, this program offers down payment assistance that could be forgivable after a certain number of years, making it easier for first-time home buyers to manage upfront costs

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