Down Payment Assistances in El Paso, TX
Looking for a down payment assistance near El Paso, TX? Harris Capital Mortgage Group is a licensed mortgage lender serving El Paso and surrounding areas. Get a free estimate — no hard credit check. NMLS# 1918223.
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Down Payment Assistance Near El Paso, TX
Texas has no state income tax, which can increase your buying power. Property taxes vary significantly by county — your loan officer will factor in local rates when building your estimate.
Harris Capital Mortgage Group (NMLS# 1918223) is a licensed mortgage lender near El Paso, TX serving buyers throughout the TX market. Whether you're searching for a down payment assistance near El Paso or anywhere in TX, our loan officers know the local market and will guide you through every step of the process.
El Paso Market Snapshot
Areas within El Paso we commonly serve
Estimates are for informational purposes only and are not a loan approval or commitment to lend. Rates and terms subject to credit approval and change without notice.
Frequently Asked Questions: Down Payment Assistance in El Paso, TX
How do I qualify for down payment assistance in El Paso, TX?
Down payment assistance eligibility in El Paso typically requires: a credit score of 620 or higher, income at or below 80–115% of the area median income (AMI), the property must be a primary residence, and you may need to complete a homebuyer education course. Many programs also require first-time buyer status, defined as not owning a home in the past 3 years. Harris Capital's TX loan officers will match you to every program you qualify for in El Paso within minutes.
Do I have to repay down payment assistance in TX?
It depends on the program. Some TX DPA programs are forgivable grants — if you stay in the home for a set period (usually 3–10 years), you never repay the assistance. Others are deferred second mortgages with no monthly payment, due only when you sell, refinance, or pay off the home. A small number require monthly payments. Your HCMG loan officer will explain the exact terms of every program you are matched with in El Paso.
Can I combine down payment assistance with an FHA loan in El Paso?
Yes. Many TX down payment assistance programs are specifically designed to pair with FHA loans, reducing your out-of-pocket to as little as $500–$1,000. The DPA covers part or all of the required 3.5% FHA down payment and sometimes closing costs as well. Harris Capital works with the major TX DPA programs and can structure your loan to maximize the benefit while keeping your monthly payment within budget for El Paso's median home prices.
Down Payment Assistance, Common Questions
What is down payment assistance?
Down payment assistance (DPA) programs provide grants or low-interest second loans to help buyers cover their down payment and closing costs. Programs are typically offered by state housing agencies, nonprofits, and some lenders.
Do I have to repay down payment assistance?
It depends on the program. Some DPA is a forgivable grant — if you stay in the home for a set period, you never repay it. Others are deferred second loans with no payments until you sell or refinance.
Who qualifies for down payment assistance?
Requirements vary by program but commonly include income limits, first-time buyer status (or not owning a home in 3 years), minimum credit scores (typically 620+), and completing a homebuyer education course.