03/29/2026
Curious if you can buy this home?
All you need ya a downpayment of $9100 if you are qualifying with an FHA loan. Thats only 3.5% of the purchase price. You have $9600 or more saved up, you have enough for half of houses in El Paso. Conventional loans require a downpayment of 5% of the purchase price. You can save up to 20% but it’s not required.
Credit score: You qualify for a mortgage if you have a credit score of 580 but this comes with a lot of restrictions and cash reserve requirements. To have a smoother experience and to qualify for most first time home buyer or down payment assistance programs, you want a 640 or better. A higher credit score also helps get you a lower interest rate.
Closing costs: at this price point it’s better to have at least $6000 on top of your down payment saved up for closing costs. In this market you can probably get those costs paid for by the seller, but have it just in case the seller doesn’t want to contribute but you still want to move forward with the purchase.
Debt to Income Ratio. Your mortgage payment can’t be more than 35% of your income. With an fha loan, your mortgage, combined with all of your other debts, can’t be more than 55% of your income. Conventional loans are stricter, with a DTI requirement of no more than 50%. If you make at least $60k in El Paso, I don’t see you having issue qualifying.
Comment “Home” or send a DM if you want to get started on your home buying journey