I may have just the answer for you. I am working with 2 other similar transactions. If you are not already represented by a Buyer's Agent we need to talk. I can be reached on my mobile at (915) 549-1770.
Michael Bray, ABR, AHWD, CSP, eCertified, GRI, TAHS
2010 Texas REALTORÂ® Hero
EXIT West Realty
El Paso, TX 79912
Presiding Officer, Texas Department of Housing & Community Affairs, MH Board
Vice President, El Paso Housing Finance Corporation
Commissioner, City of El Paso, Building and Standards Commission
Member, City of El Paso, Zoning Board of Adjustments
Member, City of El Paso, Health Facilities Development Corporation
Former Director, National Association of REALTORSÂ®
Faculty Instructor, Texas REALTORSÂ® University... more
You probably qualify for an FHA Home Loan which is 3.5% Down Payment. It works off the sales price of the home, so it depends on what house you pick. There are also Down Payment Assistance Programs out there, you can view a couple at: http://www.tdhca.state.tx.us/homeownership/fthb/buyer_intro.htm
Not every mortgage company is approved to do each Bond Program, so if you want to use a bond, you need to work with their approved lenders. Also, most bond programs have requirements about repayment policies and about how long you have to live in the home as your primary residence.
There are also 100% Financing/No Money Down Loan Programs if you purchase in rural areas. That is basically anywhere that is not in the City of El Paso or City of Socorro.
All of these programs are subject to qualifing for the loan with the mortgage company reviewing your income, debts, credit score, and credit history.
If you need help figuring it all out, please let me know. I'll be glad to help. Angela... more