If your dream of becoming a homeowner in El Paso feels impossible, know you are not alone. While the real estate market has certainly experienced its ups and downs in recent years, there are still ways to achieve your dreams. One such way is by making use of down payment assistance programs. As an El Paso mortgage lender, Rocky Mountain Mortgage Company can help you find the perfect down payment assistance program to ease the financial burden of home ownership.
Need help with a home down payment in El Paso? (915) 593-3111 to speak with one of our mortgage experts!
Down Payment Assistance Programs in El Paso
As the name suggests, down payment assistance programs are specifically designed to help individuals who require assistance with their future home’s down payment. A down payment is usually 10% to 20% of the home’s price. Let’s say you’re thinking of buying a home that costs $400,000. The down payment might be anywhere from $40,000-$80,000. With a down payment assistance program, you’ll receive help towards paying the down payment.
There are a handful of down payment assistance programs available. We’ll highlight some here but if you’d like to learn more, call our mortgage company at (915) 593-3111.
Texas State Affordable Housing Corporation
TSAHC offers two programs for future homeowners in El Paso and West Texas. To qualify for the programs, applicants must have a credit score of 620. Applicants must also meet certain income requirements. You can take this eligibility quiz to see if you meet the TSAHC requirement.
Those who qualify for a TSAHC program will receive a mortgage loan and funding for their down payment. Applicants can choose between down payment assistance as a grant, which does not require repayment, or a deferred forgivable second lien loan, which only needs to be repaid if the home is sold or refinanced within the first three years.
“Home for Texas Heroes” Program
The TSAHC program is specifically for people in a “hero” profession, including:
- Teachers
- Teacher aides
- School librarians
- School nurses
- School counselors
- Police officers
- Public security officers
- Firefighters
- EMS personnel
- Veterans
- Active military
- Nursing faculty
- Correction officers
“Home Sweet Texas” Program
Those who don’t fall under the hero professions listed above can still receive assistance from TSAHC through the “Home Sweet Texas” program. In fact, this program offers the same benefits as the “Home for Texas Heroes” program!
Mortgage Credit Certificate for First-Time Home Buyers
First-time home buyers can also apply for a Mortgage Credit Certificate. This unique mortgage interest tax credit works to relieve more of the burden of the home buying process.
City of El Paso First Time Homebuyers Program
Through the City of El Paso First Time Homebuyers Program, individuals can purchase a new home with the assistance of low-interest mortgages.
Unlike the TSAHC programs, those who wish to apply for the City of El Paso’s down payment assistance program must complete a “Guide to Homeownership” course. This course is offered by The El Paso Credit Union Affordable Housing and Project Bravo. Upon completion, you’ll be able to submit your application. Your gross annual income should also fall within 60%-80% of El Paso’s median household income.
The City of El Paso program includes a range of income limits and property guidelines. To better understand what this program requires, we suggest you check out the Federal Housing Administration (FHA) site.
Down Payment Assistance Programs in El Paso
If you’re in El Paso and require assistance with your new home’s down payment, then our mortgage lenders can help! Rocky Mountain Mortgage Company has been a beacon of hope in El Paso for years. In fact, we have helped over 26,000 El Pasoans achieve their dreams of homeownership.
If you’re ready to become a homeowner, let us help get you there! Reach out to our El Paso mortgage company today to speak with one of our experts!
