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"... to assist families to develop assets and increase their quality of life through financial education, homeownership, credit management, savings, and access to low cost capital." |
EPAH-TDS NSPII Program
Eligibility Requirements
- Be income eligible: gross annual HOUSEHOLD income cannot exceed 120% of the area median household income as defined by HUD (see income tables below)
- Must be a legal U.S. resident
- Obtain a private non-subprime long term loan from El Paso Credit Union Affordable Housing, LLC or any other participating lender.
- Contribute a minimum down payment of $1,000 or 1.5% of purchase price (whichever is greater) from borrower funds
- Not have any ownership interest in any residential property or outstanding home mortgage obligations
- Purchase a home offered for sale by the TDS/EPAH NSP2 program
- To avoid recapture, repaying the assistance borrower must own and reside in the home for either 5, 10, or 15 years depending on assistance amount (See affordability* period table below) and follow requirements in NSP2 assistance documentation.
* Affordability is the period the homeowner must own and live in the home purchased with NSP2 Assistance, without having to pay back the assistance. This NSP2 assistance must be repaid if the home is sold, the assistance beneficiary ceases to live in the home, or the home is rented. Once the Affordability period expires, the loan is forgiven and any NSP2 lien is released.
Maximum household income cannot exceed these amounts by family size
- 2010 HUD Income Guidelines for El Paso County
| Family Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| 120% |
$39,050 |
$44,650 |
$50,200 |
$55,800 |
$60,250 |
$64,750 |
$69,200 |
$73,650 |
| 80% |
$26,050 |
$29,800 |
$33,500 |
$37,200 |
$40,200 |
$43,200 |
$46,150 |
$49,150 |
| 60% |
$19,560 |
$23,320 |
$25,140 |
$27,900 |
$30,180 |
$32,400 |
$34,620 |
$36,840 |
| 50% |
$16,300 |
$18,600 |
$20,950 |
$23,250 |
$25,150 |
$27,000 |
$28,850 |
$30,200 |
| 40% |
$13,040 |
$14,880 |
$16,760 |
$18,600 |
$20,120 |
$21,600 |
$23,080 |
$24,560 |
| 30% |
$9,800 |
$11,200 |
$12,600 |
$13,950 |
$15,10 |
$16,200 |
$17,300 |
$18,450 |
Maximum household income cannot exceed these amounts by family size
- 2010 HUD Income Guidelines for Dona Ana County
| Family Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| 120% |
$37,700 |
$43,100 |
$48,500 |
$53,900 |
$58,200 |
$62,500 |
$66,800 |
$71,000 |
| 50% |
$15,750 |
$18,000 |
$20,250 |
$22,450 |
$24,250 |
$26,050 |
$27,850 |
$29,650 |
- Affordability Period Table
| Homeownership Assistance Amount |
Minimum Period of Affordability |
| Under $15,000 |
5 Years |
| $15,000 to $40,000 |
10 Years |
| Over $40,000 |
15 Years |
Documentation Required:
You must have information for the previous six months of the following items:
- Copies of recent pay stubs or documentation of other receipt of eligible income
- Copies of most recent bank statements including any checking accounts, certificates of deposit and savings accounts
- Copies of statements from other investment account
You must have information for the previous two years of the following items: (if self-employed)
- Copies of most recent tax return(s)
- Documentation of self-employment income such as draws indicated on a bank statement
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©2010 El Paso Credit Union Affordable Housing |
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