Will I need to make monthly loan payments?
No loan payments are made as long as the employee remains eligible for the program. The City of San Marcos reduces the balance by 20% each year ($1,000) on the anniversary date of the loan closing provided the employee continues to meet eligibility requirements. At the end of the fifth year, the loan balance has been reduced to zero and a lien release will be filed by the City.

Show All Answers

1. Who is eligible for the program?
2. Which types of homes qualify for the program?
3. What type of assistance does the program offer?
4. How can the loan be used?
5. How do I apply for the program?
6. At what point in my home-buying process should I apply for the program?
7. Will I need to make monthly loan payments?
8. What happens after I apply for the program?
9. What happens if I move out of the home during the 5-year affordability period?
10. Who do I contact for more information?