El Paso Housing Finance Corporation Mortgage Loans

Program:

• Affordable home buying opportunities in El Paso program area
• Down payment and/or closing cost assistance available

Grants:

• Up to 5% of principal loan amount
• Household of 2 or less: up to $71,200 in grants
• Household of 3 or more: up to $81,800 in grants

Mortgage Loans:

• Must be made available to first-time homebuyers
• Recapture Tax may apply if home is sold within 9 years of mortgage loan closing
• No first-time homebuyer requirement for targeted area loans or qualified veterans

Purchase Price Limits:

• New or existing residences
• Non-targeted areas: $250,200
• Targeted areas: $305,800

Income Limits:

• Non-targeted areas: $69,115
• Targeted areas: $84,140

Participating Lenders:

• Interested buyers should directly contact one of the participating lenders to apply
• Buyers do not have to come to City Hall to apply
• Rates are updated daily, call lender for current rate information
• GECU can be contacted at 915-774-6081, and their office is located at 7227 Viscount, El Paso, TX 79925

Other Programs in Texas:

• Plano First-Time Homebuyers Program
• Dallas Mortgage Assistance Program

Source:

• The text was written by TX Home Programs on March 19, 2023
• The text is related to El Paso Mortgage Loans and Texas Home Programs
• The Housing Finance Corporation is a resource for interested buyers

More Texas Home Affordability Programs