ALBUQUERQUE, N.M. – In an effort to help more New Mexicans purchase a home, Housing NM will offer a new down payment assistance loan program beginning Jan. 12. FirstDown Plus is a third mortgage down payment assistance loan designed to provide $15,000 in additional down payment funds to first-time homebuyers qualified to use Housing NM’s FirstHome program.
The Housing NM Board of Directors unanimously approved the FirstDown Plus loan program at its November meeting, and Housing NM has allocated $5.5 million from the New Mexico Housing Trust Fund for the program.
“FirstDown Plus is yet another mortgage program we offer to assist New Mexicans with purchasing a home and start building wealth,” said Isidoro Hernandez, Housing NM Executive Director/CEO. “The higher home prices and interest rates have made homeownership more challenging, and the $15,000 made available under this program will facilitate homeownership for many qualifying New Mexicans. I encourage homebuyers to visit our website and find a participating lender to determine eligibility and start the process.”
Over the past five years, Housing NM has helped an average of 2,000 New Mexico families per year become homeowners with its down payment assistance programs.
Previous homeowners who have not owned and occupied a home as their primary residence during the past three years may also be eligible for the program.
Following are more details about the new program:
FirstDown Plus must be used in conjunction with Housing NM’s FirstHome (first mortgage) and FirstDown (second mortgage) programs.
Borrower eligibility requirements are the same for FirstHome, FirstDown and FirstDown Plus.
FirstDown Plus provides a fixed amount of $15,000 in the form of a 10-year, non-amortizing loan with a 0% interest rate. The loan has no monthly payments and will be forgiven if the borrower continually occupies the home for a full 10-year period and does not sell, refinance, transfer the title, rent out or otherwise vacate the property.
The $15,000 must be used exclusively for down payment.
FirstDown Plus is a loan, not a grant.
Details about the FirstDown Plus program will be available on the Housing NM website Jan. 12. For more information about any of Housing NM’s Homeownership Programs, please visit housingnm.org/homebuyers.