El Paso residents looking to purchase a home may be eligible for grant money through the El Paso Housing Finance Corporation. The program is designed to make home buying more affordable by partnering with local mortgage lenders. Grants of up to 5% of the principal loan amount are available for eligible buyers within El Paso city limits.
Households of two or less can receive up to $71,200 in grant money, while households of three or more can receive up to $81,800. Purchase price limits for new or existing residences are $250,200 for non-targeted areas and $305,800 for targeted areas. Income limits are $69,115 for non-targeted areas and $84,140 for targeted areas.
Mortgage loans must be made available to first-time homebuyers with no ownership in the previous three years. A recapture tax may apply if the home is sold within nine years of mortgage loan closing.
Other Texas Home Programs include the Dallas Mortgage Assistance Program and the Plano First-Time Homebuyers Program. Interested buyers should contact a participating lender to apply. Partnership between El Paso Housing Finance Corporation and local lenders helps make home ownership a reality.
Grants can make home buying more affordable for eligible buyers in El Paso. Income and purchase price limits apply for eligibility. First-time homebuyers are eligible for mortgage loans. No need to apply at City Hall, interested buyers should go directly to a participating lender. Rates are updated daily and interested buyers should contact a participating lender for current rate information.
Overall, the El Paso Housing Finance Corporation program is a great opportunity for those looking to buy a home in El Paso, especially for first-time homebuyers who may need additional financial assistance. Interested buyers should reach out to a participating lender for more information.