As a Texas Affordable Housing Specialist I have had the opportunity over the years to help a lot of families purchase their first home. The task can be a little daunting and tedious at times, but with a good plan in place we get through it.
I have found that one of the biggest challenges most first time buyer’s face is having enough money for not only the down payment, but for closing costs and costs incidental to the transaction. Potential buyers can easily meet the monthly payments, and, in fact, may see a lower payment than a comparable rental payment. They general have difficulty with saving enough to get into the property.
The good news is that El Paso has a nationally recognized First Time Homebuyer program that is run by the El Paso Housing Finance Corporation that provides a low, fixed interest rate along with down payment and closing cost assistance (FULL DISCLOSURE: I have served as the HFC Vice President for a number of years).
The qualification guidelines are quite liberal and the loan limits are such that there is a good supply of available homes, both new and resale, in many areas of El Paso.
The El Paso Housing Finance Corporation will be announcing a new issue of up to $10 million into the programs in the next few days. And while this sounds like a lot of money these bond issues generally go very fast so it is wise to get the process started now if you are interested.