First Time Homebuyer Programs in New Mexico
New Mexico offers several programs through the New Mexico Mortgage Finance Authority (MFA) to assist first-time homebuyers. These initiatives provide financial assistance and competitive loan options to make homeownership more affordable.
FIRSTHome Program
The FIRSTHome Program offers low-interest mortgages tailored for first-time buyers.
- Provides 30-year fixed-rate loans with competitive interest rates.
- Available for FHA, VA, USDA, and conventional loans.
- Income and purchase price limits apply based on location and household size.
FIRSTDown Program
The FIRSTDown Program provides down payment and closing cost assistance for eligible buyers.
- Offers up to $8,000 in assistance as a second mortgage.
- Structured as a 0% interest loan, repayable upon sale or refinance.
- Must be used in conjunction with the FIRSTHome loan program.
NEXTHome Program
The NEXTHome Program is designed for repeat buyers or those not meeting the first-time buyer definition.
- Provides down payment assistance of up to 3% of the loan amount.
- Can be used with FHA, VA, USDA, or conventional loans.
- No income limits for eligibility.
New Mexico’s first-time homebuyer programs offer the financial tools and resources needed to make owning a home more accessible and affordable. Explore these options and take the first step toward owning your dream home in the Land of Enchantment.