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Buying a House in EL Paso - Finance

El Paso Housing Finance Corp.

El Paso Housing Finance Corporation announced the issuance of $24.5 million in bonds on Wednesday, Jan. 20. The bonds will be used to provide competitive mortgage financing and down payment assistance to low-to-moderate income home buyers in the El Paso community. The financing will help stimulate growth in the local economy and comes at a time when other projects, such as the relocation of military units to Fort Bliss as part of the Base Realignment and Closure (BRAC) process and revitalization of downtown El Paso, are being developed. FirstSouthwest, El Paso Housing Finance Corporation’s financial advisor for more than 30 years, structured the transaction.

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The El Paso bond issue is the first local Housing Finance Corporation bond issuance in Texas since July 2007. “With this new program we’ll be able to finance homes for more than 200 families and individuals in the El Paso community. The down payment assistance and low rate loans will provide a boost to borrowers and help keep the El Paso community vibrant and strong” said Susie Byrd, President of the El Paso Housing Finance Corporation and City Council Representative for District 2. “The sale of these bonds will help many El Paso families realize their dream of home ownership,” said El Paso Mayor John Cook 'That's why the work of the El Paso Housing Corporation is so important to the community.' Bond proceeds are now available to qualifying home buyers through one of the three participating lenders, Rocky Mountain Mortgage Company , GECU and Patriot Mortgage; all of which are local institutions . Thirty-year mortgage loans are offered at competitive fixed rates of 5.25% – 5.375% with attractive down payment and closing cost assistance programs. For example, on a $100,000 loan, qualified home buyers can receive $3,000 in financial assistance. This is a true grant of 3% of the loan amount and will not inflate the price of the home. Information about eligibility for these loans can be obtained from participating mortgage lenders or from the El Paso Housing Finance Corporation. Interested borrowers should e-mail or call El Paso Housing Finance Corporation Executive Director Adrian Duran at duranax@elpasotexas.gov or 915-541-4476. El Paso has a beauty that commands the affection of the long time resident and the newcomer alike. Once experienced, it cannot be forgotten. The secret of its charm lies in its infinite contrasts - as varied as the colors in its sunsets. Variety here is as dramatic as the meeting of two ways of like: English and Spanish in language, American and Mexican in culture. The blending of the two is a living example of cooperation and friendliness between two countries.

Contrasts are beautiful:modern office buildings reach into the clear Southwestern air and centuries-old mission bells still call the faithful; dry warmth of a summer day and the coolness of a star-studded night; cactus near the entrance of an abandoned mine and weeping willow beside a quiet lake; mountain trails and super highways.

You cannot come to fully know El Paso in one day or one week. It should be savored over time and in all seasons. According to one wise El Pasoan, 'if you wear out one pair of shoes in El Paso you will never leave.'

Fort Bliss displays the replica of the U.S. Army post that stood guard in El Paso's famous frontier days. Horse racing, dog racing, bullfights, baseball, soccer, football (the home of the Sun Bowl), or basketball-you'll find most every sport in El Paso/Juarez. For those who favor participant sports there is year-round golf at beautiful and challenging courses, tennis, hiking, skiing, and camping. For a change of pace, try El Paso's symphony, award-winning civic theater, or relax at night clubs featuring internationally famous entertainment at surprising prices.

El Paso is the hub of an international transportation network and can be easily reached through the El Paso International Airport, major highway arteries which funnel into town, convenient bus service, and even passenger rail service. All of these things have helped make El Paso one of the nation's fastest growing cities.

The city has worked its way from a cowtown past into a massive southwest commerce and banking center. The population of El Paso is 503,000 and Juarez is 875,000. Clothing, boot manufacturing, copper, oil refineries, and electronics are some of the cities' largest industries. The lush Rio Grande Valley produces cotton, wheat, alfalfa, fruits, vegetables, and much more.

The cost of living is relatively low due in part to our mild climate, which is conductive to year round outdoor activity.

To sum it all up, El Paso has much to offer everyone - the tourist, the casual visitor, and the serious home-buyer and investor. For a new lease on life, be it a new job, retirement, or a change of pace, come and enjoy the relaxed, casual life- style of the sun country.