Are You Interested in Buying Your First Home? Are You Interested in Buying Your First Home?
The City's First Time Homebuyer program provides 0% - 3% deferred loans to first-time homebuyers purchasing a property in the City of El Paso. The buyer selects their own eligible property to purchase and meets with one of the participating lenders to pre-qualified for a mortgage loan. The City of El Paso underwrites the loan based on the first mortgage lender's commitment. The City only accepts applications from participating lenders and they are processed on a first-come, first-ready, first-serve basis.
Currently Accepting Applications
To be eligible for participation in the City of El Paso’s First Time Homebuyer Program, applicants must meet and/or comply with all the following Program criteria:
HOMEBUYER EDUCATION: Applicant(s) must complete a "Guide to Homeownership Course" offered by The El Paso Credit Union Affordable Housing or Project Bravo prior to submitting an application.
APPLICANT QUALIFICATION: The gross annual household income of the applicant’s family must be between 60% - 80% of the median income for the City of El Paso, as published by HUD on an annual basis.
|Person(s)||60% Annual Gross Income||80% Annual Gross Income|
Other applicants may be considered if other secondary financing is being utilized (i.e., Sec. 8 Homeownership, IDA’s, FHLB, etc.) as long as the housing cost ratio does not exceed 35% of applicants’ monthly gross income.
Purchase Price Limits: The maximum sales price for the City of El Paso's First Time Homebuyers Program is $121,000 which is based on 95% of the average median purchase price for the area. The maximum sales price will be adjusted annually.
Location and Characteristics: Property to be purchased under this Program must be located within the geographical limits of the City of El Paso. Property to be purchased must be a single family property, one unit in a 2-4 unit property, condo, or manufactured home, which must be permanently affixed to the ground.
Principal Reduction Assistance Program
Subsidy Limits: The minimum assistance is $1,000 and the maximum assistance is $35,000 which is provided only for the purpose of principal reduction.
Funds Required: Applicants must have a minimum investment amount of $1,000 of their own funds.
Down Payment and Closing Costs Assistance Program
The maximum assistance is $5,000 which will be in the form of a 3% interest forgivable loan with a term of 10 years.
For additional information, please contact the agencies listed below:
Community and Human Development
El Paso Credit Union Affordable Housing
Effective December 11, 2012