Are You Interested in Buying Your First Home?


 

City of El Paso First Time Homebuyers Program (English)

¿Desea Comprar Su Primera Vivienda? (Español)

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

 

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 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.

    60% Annual   80% Annual
Person(s)   Gross Income   Gross Income
1   $24,660   $32,900
2   $28,200
  $37,600
3   $31,740
  $42,300
4   $35,220   $46,950
5   $38,040   $50,750

 

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
Housing Programs 
915-212-0139
 
El Paso Credit Union Affordable Housing
915-838-9608
 
Project Bravo
915-562-4100
 

Effective December 11, 2012

Housing First Time Homebuyer page
 

Click here for the El Paso County's General Rental Assistance