City of El Paso First Time Homebuyers Program
Available Assistance
In order to help potential homebuyers, the program offers 0% - 3% deferred loans to first-time homebuyers purchasing a home in the City of El Paso. 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-served basis.
Eligibility Requirements
To be eligible for The City of El Paso’s First Time Homebuyer Program, applicants must complete a "Guide to Homeownership Course" offered by The El Paso Credit Union Affordable Housing or Project Bravo prior to submitting an application. Their gross annual household income must be between 60% - 80% of the area median income for the City of El Paso.
Property Guidelines
Any property purchased with funds from The City of El Paso’s First Time Homebuyer Program must be located within the limits of the City of El Paso, with a maximum sales price of $121,000 (This figure is based on 95% of the average median purchase price for the area and is adjusted annually). Property types include single-family, one-units in a 2-4 unit property, condominium, or manufactured home permanently affixed to the ground.
Income Limits
60% -80% AMI
1-person household: $24,660 - $32,900
2-person household: $28,200 - $37,600
3-person household: $31,740 - $42,300
4-person household: $35,220 - $46,950
5-person household: $38,040 - $50,750
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
First-Time Homebuyer Programs in Texas
City of El Paso First Time Homebuyers Program
The City of El Paso's First Time Homebuyer Program offers low-interest loans to help first-time homebuyers achieve their dreams of purchasing a home.
First Time Homebuyers Assistance and Educational Program
The City of Plano's First Time Homebuyers Assistance and Educational Program helps individuals afford down payment and closing costs with deferred-payment loans.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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