Homebuyer Program Allocates $15 Million

El Paso homebuyers can qualify for affordable mortgages, down payment and closing cost assistance.

The El Paso Housing Finance Corporation is making $15 million available to homebuyers.

Those involved said now is the time to buy a house because the clock is ticking.

“If you have the right credit score and if you’re buying a house for $100,000, you might just need $3,000 and the house is yours,” explaind Jose Avila, a lender with GECU.

He said qualifying is simple.

Avila exlained those interested should first call one of three local lenders to see if they qualify.

The lenders participating are Rocky Mountain Mortgage Company, Patriot Mortgage and GECU.

Homebuyers who qualify could get an interest rate as low as 4.75 percent with a three percent in down payment and closing cost assistance.

According to the El Paso Housing Finance Corporation, qualifications are split in two categories: target and non-target.

For those looking to buy homes in non-target areas (see link to map), they have to be a first-time homebuyer.

The yearly income for a family of three or more cannot exceed $66,010. The being bought cannot be more than $258,691.

Those looking to buy homes in the target areas, they don’t have to be first-time homebuyers.

The yearly income for a family of three or more cannot be more than $80,360. The home being purchased cannot be more than $316,177.

Those interested in target area can also qualify for an additional 1 percent discount.

The city is encouraging buyers to purchase homes that are already built.

“It’s a way to get permanent roots in the community, so we want people invested in our community,” said El Paso Housing Finance Corporation President Susie Byrd.

“For those people that are waiting to buy because they wanted to save money, there’s no longer a need for that,” said Avila.

Avila said just because a buyer qualifies and has applied for the program doesn’t mean he or she will automatically get the money.

The homeowner will have to bring the contract for the house he or she plans to buy.

Lenders said the money is estimated to last about 45 days.

For more information about the program and a map outlining the target and non-target areas, click here.