RE/MAX agent Yvonne Russell

Low Down Payments

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Down Payment Assistance in El Paso Texas

The Homes for El Paso Texas Heros Loan Programs are available not only for teachers, fire fighters, peace officers, veterans, but Low and Moderate-income homebuyers. This program is available through El Paso lenders and provide the following benefits:
  • A 30-year fixed interest rate mortgage loan
  • No upfront origination points charged to you
  • Net 3%, 4%, or 5% in down payment assistance
  • You do not need to be a first-time homebuyer
  • You do not need to live in the home for any set period of time

*FICO scores can be as low as 640 depending on the home buyer’s loan to value (LTV) ratio.

 
Standard Assistance Options
HFA Preferred ASSISTED Option
Interest Rate and Granted Down Payment Assistance (DPA gift does not need to be repaid)
  • 5.00% with 5% Net DPA
  • 4.75% with 4% Net DPA
  • 4.50% with 3% Net DPA
  • 5.375% with 5% Net DPA
  • 5.00% with 4% Net DPA
  • 4.75% with 3% Net DPA
Type of Loan FHA, VA or USDA Conventional
Minimum Down Payment Required 3.5%(FHA only – VA and USDA do not require a down payment) 3.0%(Unlike traditional conventional loan that requires 5%)
Available to Purchase a Home
FICO Score Requirements 640 680*
Debt-to-Income (DTI) Ratio Maximums 45%** 45%**
Upfront Mortgage Insurance Costs Yes No
Lower Monthly Mortgage Insurance Premiums/Costs No
Mortgage Insurance Cancellable at 78% LTV No
Property Types
  • New or existing single family homes
  • Duplexes or four-plexes
  • Condos and townhomes
  • Planned Unit Developments
  • Manufactured home
  • New or existing single family homes
  • Townhomes
  • Planned Unit Developments

 

 

Texas USDA Loans

What are USDA Home Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and low monthly mortgage insurance.

USDA MAP TOOL — see if the home you are interested in is a single family property eligible under this program.