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San Marcos Offering No-Interest Home Loan
Close to 18 people gathered tonight at the Southside Community Center in San Marcos to learn if they qualify for a no-interest home loan program.
One house is currently available for sale to the family that can qualify under the Neighborhood Stabilization Program.
The city received a federal grant through the program, but must adhere to strict eligibility requirements.
The interested residents can’t own another residence and must have a minimum credit score of 560, no late payment history or collection for the past 12 months on their records.
This is one opportunity that Chris Birkhimer didn’t want to pass since he is planning on getting married in the Spring. “I think I will score major brownie points with my fiancé, it’s like the black Friday of house,” he says.
The state will act as a bank and the homebuyer just needs to have a down payment of $500.
Eligible families will have to prove a maximum income of $37,000 for a four member household and for a single person the maximum income of $26,000 a year.
This three bedroom, two bath home is located at 1700 Ramona Circle in San Marcos. If you’d like to download the application and see the other eligibility income brackets follow this link - http://www.ci.san-marcos.tx.us/index.aspx?page=34&recordid=702&returnURL=/index.aspx
By Sarykarmen Rivera