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***The funds remaining in our 2006 Bond Program are for Target Areas only. Take advantage of the high downpayment/closing cost assistance amount in this program--7% of the total loan amount!!!
General Assistance. To encourage homeownership, the El Paso Housing Finance Corporation (HFC) is providing 4% in down payment and closing cost assistance to first time homebuyers along with a competitive fixed interest mortgage rate of 6.10%. For example, on a $100,000 loan, homebuyers will receive up to $4,000 to be used towards the down payment and closing costs on their home purchase. Assistance is given on a first-come, first-serve basis.
Eligibility Requirements. Borrower may not have owned a home during the last three years. Borrower may not exceed maximum income limits or maximum home purchase limits. Home must be located within the City limits. Borrower must occupy the purchased home as their principal residence. Borrower must meet normal mortgage underwriting requirements which demonstrate creditworthiness.
Targeted Area Assistance. To encourage homeownership in certain areas of the City of El Paso, the HFC is providing an additional assistance amount of 2% (total 7%) of down payment and/or closing cost assistance to buyers who purchase a home in these areas. For example, on a $100,000 loan amount, homebuyers will receive $7,000 to be used towards the down payment and closing costs on their home purchase. See the Map of Target Areas link for more details on the areas of the City that are eligible for Targeted Area assistance or go to the RealtorŪ Information link for tools that will help you identify whether a property falls within the Targeted Areas.
Active Duty Military Assistance. The HFC has approved a 7% level of down payment assistance for active duty military personnel who qualify under the income and home ownership guidelines of the program. HFC lenders can originate VA loans to which the 7% assistance can be applied toward down payment and/or closing costs, anywhere in the City!
Loan Types. All loans are 30-year fixed-rate mortgages. Loans may be Conventional, FHA-insured, VA-guaranteed, or Rural Development.
Loan Rates. 2006 Mortgage Bond Program:
- 6.125% (FHA, VA, and USDA-RHS)
- 6.25% (Conventional)
| Maximum Purchase Price Limits in Non-Targeted Areas |
| $175,000 |
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| Maximum Purchase Price Limits in Federal Targeted Areas |
| $200,000 |
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| Maximum Income Limits in Non-Targeted Areas |
| Families of 2 or less |
Families of 3 or more |
| $54,300 |
$62,445 |
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| Maximum Income Limits in Federal Targeted Areas |
| Families of 2 or less |
Families of 3 or more |
| $65,160 |
$76,020 |
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