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Posted: 5:28 p.m. Wednesday, Jan. 2, 2013
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EL PASO, Texas —
City officials announced that first-time homebuyers may be eligible for low-income housing.
First-time homebuyers may be able to purchase homes in the Summerline subdivision that range from $105,000 to $115,000.
Officials said up to $44,462 in financial assistance is available from the city to qualified homebuyers.
In order to qualify, the household income must be
Family Size Annual Income
1 Person $27,650
2 Persons $31,600
3 Persons $35,550
4 Person $39,450
5 Persons $42,650
Example of Estimated Monthly Payments:
| Model A | Model B,C,D | |
| Sales Price | $105,000 | $115,000 |
| Home Buyer Assistance | $40,000 | $40,000 |
| Borrower Sweat Equity | $3,000 | $3,000 |
| Mortgage Amount | $62,000 | $72,000 |
Principle and Interest (4 percent, 30 years) | $296 | $344 |
| Estimated Taxes | $245 | $270 |
| Estimated Insurance | $50 | $55 |
| Total Estimated Payment Per Month | $591* | $669* |
*Payments will vary depending on prevailing interest rates at the time of the sale and with income qualification of the borrower. Example assumes that the buyer qualifies for the maximum amount of assistance.
Those interested in applying, are asked to contact Lulu Gomez at 915-771-0557.
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