Texas Border Business
EL PASO, Texas — The City of El Paso is offering assistance to qualifying El Paso residents wanting to purchase their first home.
The First-Time Homebuyer (FTHB) Program provides assistance to low-and-moderate income individuals in the form of Principal Reduction and/or Down Payment and Closing Cost Assistance.
Assistance is in the form of low interest loans, deferred payment loans, and/or deferred forgivable loans. Participants in the program conduct their own search for a home within the city limits of El Paso.
For homes purchased within City of El Paso identified Priority Housing Areas (see attached map), the program may provide up $45,000 in principal reduction and up to $5,000 in down payment and closing cost assistance.
For homes purchased within the city limits of El Paso, but not within a City of El Paso identified Priority Housing Area, the program may provide up to $25,000 in principal reduction and up to $5,000 in down payment and closing cost assistance.
To qualify for the First-Time Homebuyer program, individuals must meet the following eligibility criteria:
· The gross annual income of the applicant’s household must be between 60%-80% of the area median income (AMI). AMI varies depending on household size and is published by HUD on an annual basis (https://www.huduser.gov/portal/datasets/il/il2021/2021summary.odn).
For example, a family of 4 may qualify for the program if their total annual household income is between $36,540 (60% AMI) and $48,700 (80% AMI).
· Applicant(s) must not have a title to any real property in or outside the United States.
· Applicant(s) must not have owned a home during the last three years.
· Applicant(s) must provide proof of residency within the city limits of El Paso.
· Applicant(s) must complete a First-Time Homebuyer Counseling Course conducted by a HUD-approved Housing Counseling Agency prior to submitting an application. The two HUD-approved Housing Counseling Agencies in El Paso are GECU and Project BRAVO.
Applications for the First-Time Homebuyer program are being accepted through April 15, 2022. Assistance is limited and contingent upon availability of funds.
For more information or to receive application materials, contact the Department of Community and Human Development at fthbprogram@elpasotexas.gov.
