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The fresh Cool 120 mortgage must be used alongside an FHA, Va, otherwise antique loan

The fresh Cool 120 mortgage must be used alongside an FHA, Va, otherwise antique loan

The town regarding San https://paydayloancolorado.net/evergreen/ Antonio also offers a couple of down-payment guidance applications to assist household pick property contained in this area limits.

The fresh Homeownership Extra Program (Cool 120) brings aspiring San Antonio home owners that loan otherwise next loan regarding anywhere between $step one,000 and you may $fifteen,000 on an effective 0% rate of interest. The total amount provided varies considering personal needs. At the time of 2022, domestic money restrictions on the Hip 120 include $62,250 and you can $110,250. Get prices are capped at $283,two hundred to have a preexisting family and you can $301,2 hundred for brand new construction.

It may be applied to the down-payment and extra related fees, such settlement costs. This mortgage was 75% forgivable and you will twenty-five% have to be repaid when there is a general change in control. First-time homebuyers meet the criteria when the to order a primary quarters.

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