For more information call:
YWCA Home ownership center
El Paso Credit Union Affordable Housing
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 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.Información en Español