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 zero percent (0%) 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 $22,020 $29,350
2 $25,200 $33,550
3 $28,320 $37,750
4 $31,440 $41,900
5 $33,960
$45,300

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