Contract for Deed Conversion Program

Eligible Activities Include:

  1. Acquisition: Provide funds to convert contracts for deed to traditional warranty deeds, including loan on an existing manufactured housing unit.
  2. Rehabilitation, Reconstruction, or New Construction: Provide funds to improve housing construction standards in certain Texas Colonias.
  3. Rehabilitation of a Manufactured Housing Unit (MHU) is not allowed. A MHU can be replaced with new MHU or with a new site-built house.

Household Eligibility Factors:

To be eligible to receive CFDC assistance, the household and the property must comply with several eligibility factors, including

  1. Assisted property must be located in a Colonia that is registered by the Texas Secretary of State and is included in the El Paso Collaborative's contract with the Texas Department of Housing and Community Affairs. (Staff can assist you to determine if your residence is located in an approved area.)
  2. Household income must be at or below 60% of HUD’s Area Median Family Income (AMFI).
  3. Assisted household must complete a homebuyer counseling program/class.

Household Documentation

  1. Check stubs for all working household members (3 last consecutive months)
  2. Proof of other income
    1. Child Support Statement - Attorney General's Office
    2. Social Security - Award Letter
    3. Supplemental Security Income (SS) - Award Letter
    4. Pension from Retirements or Military - Award Letter
    5. Unemployment Benefits or Worker's Compensation - Award Letter
    6. Self-Employment - Current year to date profit and loss statement
  3. Current valid Texas issued photo I.D.
  4. IRS-1040 & W-2s for all adult household members that file income tax (last 2 years)
  5. Social Security Cards and birth certificatesfrom all household members
  6. Bank Statements - Checking (6 consecutive monts) Savings (1 month) for all household members
  7. Proof of Assets - Certificate of Deposits, Mutual Funds, 401K, etc.
  8. If divorced must bring Divorce Decree
  9. Contract of Sale on Property
  10. Property Taxes-current taxes receipt
  11. Mobile Home-current taxes receipt (if applicable)

Household Documentation

Documentos de su Hogar