City of El Paso First Time Homebuyer Program

The City's First Time Homebuyer Program can help a family of four making less than $54,450 buy their first home by providing the following forms of assistance:

Principal Reduction Assistance: For homebuyer(s) purchasing a home within the City of El Paso’s Priority Housing Area (see interactive map below) the minimum assistance is $1,000.00 and the maximum assistance is $45,000.00. To verify if a home is within the City of El Paso’s Priority Housing Area, input the address below or open a new window to the map https://arcg.is/1DTeyO For homebuyer(s) purchasing a home outside the Priority Housing Area but within the city limits of El Paso, The minimum assistance is $1,000.00 and the maximum assistance is $25,000.00. Assistance provided under the principal reduction program is only for the purpose of principal reduction.

Down Payment and Closing Cost Assistance Program: The maximum assistance is $5,000.00 which will be in the form of a 3% interest forgivable loan with a term of 10 years.

Eligibility Requirements

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 first attend the First Time Homebuyer Seminar and the Virtual Financial Health Course offered by Project Bravo OR the Homeowner Workshop and One on One Financial Counseling Session offered by GECU Community Development. We require the certificate of completion from Project Bravo or GECU along with the credit report that are provided at the completion of these classes. Please see below for scheduling and contact information.  
• APPLICANT INCOME LIMITS: 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 and provided on the table to the right. Applicants that fall below 60% of the median income for the City of El Paso can apply if a Sec. 8 Homeownership Voucher is being used and as long as the housing cost ratio does not exceed 35% of the applicant's monthly gross income.
• HOUSE PURCHASE PRICE LIMITS: The maximum sales price for the City of El Paso First Time Homebuyers Program is $184,000 which is based on 95% of the average median purchase price for the area. The maximum sales price will be adjusted annually.
• LOCATION & CHARACTERISTICS LIMITS: The property to be purchased under this Program must be located within the geographical limits of the City of El Paso. The property to be purchased must be a single-family property- meaning single unit in a 2-4 unit property, condominium, or should be a single-family manufactured home. All types of property must also be permanently affixed to the ground and recorded as real property.

ADDITIONAL REQUIREMENTS: Applicants must be U.S. Citizens or Resident Aliens, cannot have more than $25,000 in non-pension savings, must have a minimum investment amount of $1,000 of their own funds, and must provide proof of residency within the limits of El Paso.

Información en Español