Financing your El Paso home

Get pre-approved before you start shopping

A pre-approval letter tells sellers you are a serious buyer and gives you a clear picture of what you can afford. Lenders will review your income, credit, and debt before issuing one. Having it in hand when you find a home you like can make the difference in a competitive situation.

Pre-approval is not a guarantee of final loan approval. Rates and terms are set by individual lenders and depend on your financial profile at the time of application.

What affects your rate and loan terms

Several factors influence the rate a lender offers you: your credit score, the size of your down payment, the loan type, and current market conditions. Shopping more than one lender is always worthwhile. Even a small rate difference adds up over a 30-year loan.

Loan options available to El Paso buyers

El Paso buyers have access to a range of loan programs. The right one depends on your situation, down payment, and eligibility. A few worth knowing about:

• Conventional loans: standard loans through private lenders, typically requiring 3-20% down.
• FHA loans: government-backed loans with lower down-payment requirements, often used by first-time buyers.
• VA loans: available to eligible veterans, active-duty service members, and surviving spouses. El Paso has a large military community, and VA loans offer meaningful benefits for those who qualify.
• Down-payment assistance programs: Texas and El Paso offer programs that can help with upfront costs. Availability and eligibility vary.
• ITIN and foreign-national loans: some lenders in El Paso work with buyers who do not have a Social Security number. These programs exist; terms and availability depend on the specific lender and your circumstances.

If any of these options sound relevant to your situation, ask Ximena. She can connect you with a lender who has worked with similar buyers and knows what questions to ask. She does not receive compensation from any lender for these introductions.

How Ximena works with lenders

Ximena does not steer buyers to a specific lender and does not receive any payment or benefit for referrals. What she can do is introduce you to lenders other clients have worked with in El Paso and help you think through the right questions to ask before you commit to a program.