What credit score do I need for fha loans in El Paso, TX?
For fha loans in El Paso, El Paso County, most lenders typically require a minimum credit score of 620 for conventional loans, 580 for FHA loans, and no minimum for VA loans. However, better rates are available with scores above 740. Our loan officers in El Paso can help you find the best options for your credit profile.
How long does it take to close on fha loans in El Paso?
In El Paso, TX, the average closing time for fha loans is typically 25-35 days, depending on the loan type and property. We work with local lenders familiar with El Paso County to expedite the process and help you close faster.
What's the average down payment for fha loans in El Paso?
With median home prices around $185,000 in El Paso, a typical 20% down payment would be approximately $37,000. However, many fha loans options require as little as 3% down ($5,550), and VA/USDA loans may require 0% down.
What are current fha loans rates in El Paso, TX?
Current fha loans rates in El Paso are averaging around 6.85% APR, though your actual rate depends on credit score, down payment, and loan type. We work with multiple lenders in El Paso County to secure you the most competitive rates available.
Are there first-time home buyer programs in El Paso, TX?
Yes! El Paso and TX offer several programs for first-time buyers, including down payment assistance, lower interest rates, and tax credits. As a El Paso resident, you may qualify for state and county-specific programs. Contact us to learn which programs you're eligible for.
What are property taxes like in El Paso County, TX?
Property tax rates in El Paso County vary by municipality, but we can help you estimate your monthly PITI payment (Principal, Interest, Taxes, Insurance) for any El Paso property. Your fha loans payment will include these taxes in escrow for convenience.
Is now a good time to buy in El Paso, TX?
The El Paso market is currently stable. This stability provides a good opportunity for buyers looking for predictable pricing. Our local experts can help you navigate the El Paso real estate market.
What documents do I need for fha loans in El Paso?
For fha loans in El Paso, you'll typically need: pay stubs (last 30 days), W-2s (last 2 years), bank statements (last 2 months), tax returns (if self-employed), and ID. El Paso County county may have specific requirements - we'll guide you through the entire documentation process.