Down Payment Assistance Available For Home Buyers

Down Payment Assistance Available For Home Buyers
News
Wednesday, May 16, 2012 - 9:59am

El Paso residents interested in purchasing their first home can now take advantage of down payment assistance equal to 7% of their loan amount, an increase from the 5% available to home buyers in other parts of the state.

The 7% down payment assistance grant is only available with the Texas State Affordable Housing Corporation’s three first-time home buyer programs, the Home Sweet Texas, Professional Educators and Homes for Texas Heroes Home Loan Programs.

“This is a wonderful opportunity for lower income families in El Paso who are ready to become homeowners,” said State Senator Jose Rodriguez. “Homeownership is still very much part of the American Dream so I highly encourage my constituents to take advantage of this program being offered to El Paso home buyers by TSAHC.”

This additional down payment assistance is available on a first-come, first-served basis to eligible home buyers interested in purchasing a home in El Paso County. In addition to a grant for down payment assistance, eligible home buyers receive a 30-year fixed rate mortgage loan with an interest rate of 4.25%.

Qualifications for each of TSAHC’s first-time home buyer programs are:

• Home Sweet Texas Home Loan Program: Must be a family or individual whose annual household income is at or below $48,240 per year (specific to El Paso County).
• Professional Educators Home Loan Program: Must be a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member of either an undergraduate or graduate professional Nursing or Allied Health program in the State of Texas.
• Homes for Texas Heroes Home Loan Program: Must be a full time paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas.

Eligible El Paso home buyers can apply directly through a participating mortgage lender listed on TSAHC’s website at www.tsahc.org or can contact TSAHC directly at 888-638-3555. This program is available to first-time home buyers who wish to purchase a newly constructed or existing home in El Paso County. The 7% down payment assistance grant will only be available while funds last, after which the grant amount will return to its previous level of 5% of the loan amount.
  

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