New Mexico FIRSTDown Program Guide

Guide to the New Mexico FIRSTDown Program

The New Mexico FIRSTDown Program provides financial assistance to eligible homebuyers to cover down payment and closing costs, making homeownership more accessible. This program is available to first-time and repeat buyers who meet specific eligibility criteria, helping reduce the financial barriers to purchasing a home. Below is a detailed guide to the program’s benefits, requirements, and how to apply for 2025.

1. Program Overview:

• Purpose: The FIRSTDown Program offers financial support to help cover down payment and closing costs, reducing the upfront expenses of purchasing a home.
• Target Audience: This program is available to first-time homebuyers and certain repeat buyers purchasing in targeted areas or meeting specific requirements.
• Flexible Assistance: Assistance is provided as part of a low-interest mortgage package, ensuring affordability and long-term financial stability.

2. Eligibility Requirements for 2025:

To qualify for the New Mexico FIRSTDown Program, applicants must meet the following criteria:

• Homebuyer Status: Applicants must be first-time buyers or meet exceptions for repeat buyers, such as purchasing in designated targeted areas or qualifying as veterans.
• Income Limits: Household income must fall within the program’s limits, which vary by county and household size. These limits are updated annually based on area median income (AMI).
• Purchase Price Limits: The home’s purchase price must not exceed program-specific limits, which are adjusted annually to reflect local housing costs.
• Primary Residence: The home must be located in New Mexico and serve as the buyer’s primary residence. Investment properties and vacation homes are not eligible.
• Homebuyer Education: Completion of a homebuyer education course is required to ensure buyers are well-informed about the responsibilities of homeownership.

3. How to Apply:

The application process for the New Mexico FIRSTDown Program involves the following steps:

• Contact a Participating Lender: Begin by reaching out to an approved lender offering the program. They will verify your eligibility and guide you through the application process.
• Gather Required Documentation: Be prepared to provide proof of income, tax returns, credit reports, and a certificate from the required homebuyer education course.
• Submit Your Application: Work with your lender to complete the application and submit all required documents for review and approval.

4. Program Benefits:

• Reduced Upfront Costs: The program helps cover significant upfront expenses, including down payment and closing costs, making homeownership more affordable.
• Affordable Mortgage Options: Assistance is integrated into a low-interest mortgage package, ensuring predictable and manageable monthly payments.
• Broader Access: By offering support to first-time and qualifying repeat buyers, the program increases access to homeownership across a range of income levels.

5. Assistance Details:

• Assistance Amount: Eligible buyers can receive financial support based on their financial situation and program guidelines. The assistance typically covers a percentage of the purchase price or a set dollar amount.
• Repayment Terms: Assistance is often provided as a forgivable loan, with repayment not required if specific residency conditions, such as living in the home for a designated period, are met.

6. Additional Considerations:

• Combination with Other Programs: The FIRSTDown Program can often be combined with other state or federal assistance programs to maximize benefits for eligible buyers.
• Program Fees: Some fees may apply during the application process, which your lender will explain in detail.

The New Mexico FIRSTDown Program is an excellent resource for eligible homebuyers looking to reduce upfront costs and make homeownership a reality in 2025. By offering financial assistance and affordable loan options, the program helps buyers achieve their goals. Contact a participating lender today to learn more and begin your application process.