About Us
GECU Community Development is a free, local service that helps you build a stronger financial future for you and yours. From planning for day-to-day expenses, to buying a home, together we’ll secure you a better tomorrow. Best of all, our services are free.
Your financial freedom starts here
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The Home Purchase Assistance Program is on a first-come, first-served basis and is subject to credit qualification, income criteria and periods of affordability.
The program is part of an NSPII grant from the United States Department of Housing and Urban Development.
To be eligible for the program, household income must be at or below 120 percent of area median.
(For example, in 2018, to receive up to $26,500 in home purchase assistance and up to 3% of purchase price in settlement costs, a family of four could have gross income of $67,800 to be eligible at 120% of median income.)
The homeownership assistance amount also includes a minimum period of affordability determined by the amount of assistance a borrower receives: 5 years for up to $15,000, 10 years for over $15k to $40k, and 15 years for over $40k.
To be eligible, the borrower must attend a four-day Homeowner Workshop (FHE) from a HUD-approved housing counseling agency, attend an NSPII orientation at EPAH, and must pay a minimum of 3% of purchase price for down payment.
Other conditions may apply: this is a collaborative community-development initiative supported by GECU, El Paso Credit Union Affordable Housing, El Paso Affordable Housing and other community partners. |