El Paso First-Time Homebuyer Program

What is El Paso First-Time Homebuyer Program?

El Paso First-Time Homebuyer Program is a forgivable loan for homebuyers in El Paso, Texas.

• City of El Paso program providing forgivable loans up to $45,000 (Priority Housing Area) or $25,000 (non-priority city limits) at 3% interest for first-time homebuyers. Loan is forgiven over a 10-year affordability period. Income limits at or below 80% AMI. Property must be within El Paso city limits.
• $45,000 forgivable loan in Priority Housing Area.
• $25,000 forgivable loan outside Priority Area (within city limits).
• 3% interest forgiven over 10-year affordability period.
• first-time homebuyers only.
• income at or below 80% AMI.

How much assistance does it provide?

El Paso First-Time Homebuyer Program offers between $25,000 and $45,000 in assistance, depending on the award tier a buyer qualifies under.

• The program asks buyers to contribute $1,000.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

El Paso First-Time Homebuyer Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, and No Longer Primary.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

El Paso First-Time Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

El Paso First-Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size.

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

El Paso First-Time Homebuyer Program caps the purchase price at $184,000.

• Eligible property types include Single Family, Condo, 2-4 Unit, and Manufactured Home.
• Manufactured homes are eligible.

Where does it apply?

El Paso First-Time Homebuyer Program serves buyers purchasing in El Paso, Texas.

How do you apply?

Applications for El Paso First-Time Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.