EL PASO, TEXAS (KFOX14/CBS4) — As rent prices continue to climb, one El Paso program is trying to help more families turn monthly renter payments into homeownership by covering some of the highest upfront costs of buying a house.

The El Paso Housing Finance Corporation created the Mi Casa Homebuyer Grant Program to help renters who are ready to purchase a home but need assistance with expenses such as a down payment and closing costs.

The organization is now looking for 35 renters who want to buy a home and are seeking help.

Evelyn Torres, a recent homebuyer who used the program, said rising rent pushed her to consider buying.

“I mean, it was getting almost the price increases every time the lease would renew. It would just keep on skyrocketing, and it pushed me to a point where I’m like, I can definitely make a house payment with what I’m paying for rent,” Torres said.

Destiny Venecia reports on El Paso seeks 35 renters for Mi Casa grant to cover down payment and closing costs (Credit: KFOX14)

Elizabeth Moya, who works with the program, said expanding homeownership opportunities is part of its purpose.

“Part of our mission is we want to make sure that El Paso residents have the opportunity to become homeowners themselves,” Moya said.

Through the program, qualified buyers can receive assistance to help cover upfront costs.

Moya said the grant is designed to cover the full down payment required for certain government-backed mortgages and also help with closing costs.

“The difference between a government mortgage and a conventional and this on a government mortgage we only required to put 3% down payment. So this grant is designed to cover the entire down payment and also help contribute towards the cost of closing for your mortgage,” Moya said.

Moya said the assistance is a true grant and does not have to be repaid.

She added that buyers may also qualify for a 5.99% fixed-rate government mortgage.

So far, 77 homebuyers have received the grant.

Applicants must have a minimum credit score of 640, meet income limits and purchase within El Paso city limits.

Funding is limited and available on a first-qualified basis.

Torres said the biggest obstacle for her was coming up with the money needed upfront.

“So that was my biggest thing, is having enough money to buy a house,” Torres said.

She described the process as intimidating, with questions about what she would have to pay out of pocket, how much she needed saved and what she had to put down.

“And it just seemed so complex and I was scared, nervous,” Torres said.

Torres, a single mother, said saving was difficult.

“I mean, for as a single mom, I tried to save as much as possible, but it’s hard,” she said.

She said the grant made a major difference.

“So this helped with the down payment, God, it was such a huge relief,” Torres said.

Program leaders say helping families overcome those financial hurdles is the main goal.

Moya encouraged people interested in buying a home to reach out.

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“I would say I would encourage anybody interested in buying a home to reach out,” Moya said.

Torres said the moment she got her keys still feels unreal.

“I signed the papers and they’re like, alright everything went through. You have the keys,” she said. “I just couldn’t believe it because I had talked about it for so many years, that I’m gonna do this, I’m gonna get it.”

Those interested in applying can begin by filling out the Mi Casa grant intake form online.

Information on how to apply is available at kfoxtv.com by clicking on the story.

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