El Paso Offers Flexible Housing Credits for First-Time Homebuyers

EL PASO, TX – The City of El Paso has launched a program to offer support to residents who qualify to purchase their first home.

The First-Time Homebuyer Program (FTHB) offers assistance to low- and moderate-income individuals in the form of principal reduction and/or down payment and closing cost support. 

According to the City, the assistance provided is in the form of low-interest loans, deferred payment financing or deferred forgivables. Participants in the program conduct their own search for a home within the city limits of El Paso.

For homes purchased within the city of El Paso, identified as housing priority areas, the program can provide up to $45,000 in principal reduction and up to $5,000 in down payment and closing cost assistance.

For homes purchased within El Paso city limits, but not within the priority areas, the program can provide up to $25 thousand in principal reduction and up to $5 thousand in down payment and closing cost.

To qualify for the first-time homebuyer program, individuals must meet eligibility criteria such as having annual gross incomes between 60% and 80% of area median income (AMI).  The AMI varies by family size and is published by HUD on an annual basis.

For example, a family of four is eligible for the program if their total annual household income is between $36,540 (60% AMI) and $48,700 (80% AMI).

In addition, applicants must not own any real estate inside or outside the United States, nor have owned a home for the past three years.

Also, interested parties must provide proof of residency within the city limits of El Paso and complete a first-time homebuyer counseling course taught by a HUD-approved agency prior to submitting the application.

Source: MEXICONOW Staff