El Paso has 13 million in bond money for low- to moderate-income homebuyers looking to borrow for their first property purchase. Every year the city has tried to put aside money for a bond to help in the growth of home ownership. People who haven't owned property in more than three years can qualify to receive as much as $200,000 in low-interest, 30-year mortgages through the Homebuyer Assistance Program. Interest rates range from 6.125 percent to 6.25 percent. Homebuyers can also receive grant assistance to cover closing costs and down payments. The median home values in El Paso have increased by 17 percent, from $69,900 in 2000 to $81,800 in 2005 according to the Census Bureau. I got this information from the Greater El Paso Association of Realtors and the El Paso Times. The additiona...
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