Want a home of your own but can't meet the down payment?…

Thanks to a special new partnership between the El Paso Housing Finance Corporation and local home mortgage lenders, first-time home buyers in the El Paso program area may now have a chance to own a home of their own with down payment and closing assistance.

The Mortgage Program:

• General Assistance. To encourage homeownership the El Paso Housing Finance Corporation is providing 3% down payment and closing cost assistance to homebuyers. (For example on a $70,000 loan amount, homebuyers will receive $2,100 to be used towards the down payment and closing costs on their home purchase.)
• Loan Types. All loans are 30 year fixed rate mortgages. Interest rates will change throughout the program and can be quoted to you by one of the participating lenders. Loans can be FHA-insured, VA-guaranteed and rural development.

Eligibility Guidelines

• Borrowers must not have owned a home in the last three years or must be a first-time homebuyers. This requirement does not apply to the Federal targeted areas.
• Borrowers' income cannot be more than the maximum income limits listed.
• Borrowers must meet program credit requirements.
• Borrowers must occupy the purchased home as their principal residence.
• Homes must be located within the boundaries of the city of El Paso, Texas.
• Homes cannot exceed the maximum purchase price limits listed.

Limits

Maximum Purchase Price Limits Non-Target Areas New Homes $130,808 Existing Homes $100,127 Federal Targeted Areas New Homes $159,877 Existing Homes $122,378

Maximum Income Limits Non-Target Areas Families of 2 or less $52,100 Families of 3 or more $59,915 Federal Targeted Areas Families of 2 or less $62,520 Families of 3 or more $72,940

 

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