EL PASO, Texas (KTSM) — The El Paso Housing Finance Corporation (HFC) is calling on local realtors, lenders and community partners to help over 50 families become homeowners through the Mi Casa Homebuyer GRANT program before the end of the year.
The program provides “true grant assistance equal to 4 percent of the mortgage amount, never repaid, paired with a 30-year fixed-rate mortgage at 6.2 percent,” according to the news release by the El Paso HFC.
According to the organization, helping achieve the 50-family goal by the end of the year helps secure that El Paso remains eligible for more funding in 2026.
“We are proud of the progress made so far, but we need the community’s help to reach 50 more families before the year-end,” Elizabeth Moya, executive director of El Paso HFC, said. “Every new homeowner strengthens our community and demonstrates a new future for children in those households.”
This comes after new data showed the median age of a first-time homebuyer is older than ever.
According to data from the National Association of Realtors, the median age of first-time homebuyers in the U.S. is 40. In 1981, the median age was 29.
First-time buyers currently represent only 21 percent of the housing market, a significant decline from the typical 40 percent prior to 2008.
“Through a $1 million local investment, El Paso HFC leveraged $25 million in homebuyer assistance, enough to help around 120 families purchase homes within El Paso city limits,” read the news release. The $25 million initiative helps renters transition into first-time homebuyers, transforming long-term financial stability.
For more information, video tutorials and approved lender information, you can visit El Paso HFC’s website.
Read: Read More