First Time Home Buyers in El Paso

First Time Home Buyers El Paso

Becoming a first time home buyer in El Paso can be a little daunting. It’s a huge financial decision and a serious financial investment. This process can be made even harder for those struggling with other financial burdens or anyone having trouble saving up a big down payment.

Thankfully, the Texas Department of Housing and Community Affairs (TDCHA), offers first time home buying programs and returning home buyer program options to assist qualified borrowers in El Paso and other parts of Texas. For first time home buyers in El Paso, TX, there are national, state, and city-based options that can help you purchase your first home.

El Paso TX First Time Home Owner Loan Programs

Thankfully, the Texas Department of Housing and Community Affairs (TDHCA) considers you a first time home buyer as long as you haven’t owner a home (or primary residence) within the last 3 years. And if you’re an honorably discharged veteran.

Some noteworthy perks of TDHCA loan perks include:

  • Down payment assistance
  • Closing cost assistance
  • Competitive interest rates
  • Tax credit possible for annual mortgage interest paid
  • Homes in “targeted areas” benefit from higher income and purchase price limits, as well as no first time buyer restriction (meaning seasoned property owners can shop as well)

Qualifications for first time home buyers in El Paso

  • A minimum credit score of 620
  • You must meet TDHCA’s income and loan requirements
  • Property being purchased must be located in Texas and meet purchase price restrictions
  • Property must also be a single-family home or single-unit condominium
  • Some multi-plexes and manufactured housing is allowed

How to buy a house in El Paso

This program offers a 30 year, low, fixed rate interest mortgage for first time home buyers through a network of participating lenders. Through this program, you can get down payment assistance and closing cost assistance of up to 5% o the mortgage value as a no interest, no monthly payment second lien.

The My First Texas Home loan program is available throughout Texas, although purchase price and income limits are higher for properties located in areas where most families earn less than 80% of the state’s median income, aka “targeted areas.” Learn how to determine if a property is within a targeted area on the TDHCA website.


El Paso First Time Home Buyer Loan Programs

El Paso’s Housing and Community Development Department (HCDD) offers and services El Paso’s Homebuyer Assistance Program (HAP) for eligible low to moderate income families. These funds may be used to assist an approved applicant in paying their down payment, closing costs, and principal buydown.

Finding the Right Program for You

Buying a home can be tricky, especially for first time homebuyersThe Texas Mortgage Pros are here to help new home buyers in El Paso and the surrounding El Paso, TX area. For additional information regarding the loan services we offer, please contact our Home Loan Specialists at (877) 280-4833 and get one step closer to owning your first home.