Homebuyer Grant Program makes ownership more affordable

EL PASO, Texas (KVIA) - Local families have a new avenue towards homeownership after a popular grant program reduces interest rates.

The El Paso Housing Finance Corporation (EPHFC) announced a major enhancement to the Mi Casa Homebuyer Grant Program which reduces the interest rate from 6.25% to just 5.99%.

That would give first-time and qualified homebuyers an increase in their purchasing power and savings in their monthly payments, according to the El Paso Housing Finance Corporation.

The Mi Casa program assists future home-buyers with the down payment and closing costs with the True Grant. "These funds never have to be repaid," said a release by EPHFC.

Learn more about the program, tonight during ABC-7 at 4 with Nichole Gomez.