Mortgage Programs
Housing New Mexico's mortgage programs provide homebuyers with down payment and closing cost assistance as well as competitive interest-rate mortgage loans. A Housing New Mexico participating lender will help you determine which program is best for you. You can find a list of participating lenders here.
A minimum credit score of 620 is required. All homebuyers must receive pre-purchase homebuyer counseling. View Housing New Mexico's income limits and purchase price page to see if your household income meets Housing New Mexico's program requirements.
FirstHome and FirstDown
FirstHome is a mortgage loan program for first-time New Mexico homebuyers with low to moderate incomes. It may be used as a stand-alone first mortgage or combined with Housing New Mexico's FirstDown down payment assistance second mortgage.
FirstDown is a fixed-rate second mortgage loan program that provides down payment and closing cost assistance for first-time homebuyers. FirstDown must be combined with the FirstHome program.
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FirstDown Plus
A third mortgage down payment assistance loan designed to provide additional down payment to first-time homebuyers qualified to use Housing New Mexico’s FirstHome program. Previous homeowners who have not owned and occupied a home as their primary residence in the past three years may also be eligible for the program. Must always be used in conjunction with Housing New Mexico’s FirstHome (first mortgage) and FirstDown (second mortgage) programs.
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HomeNow
A down payment and closing cost second mortgage loan that is available to available to first-time homebuyers who have lower household incomes. The loan has a 0% interest rate and may be forgiven after 10 years if certain conditions are met.
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HomeForward and HomeForward DPA
A mortgage loan for individuals or families who have owned a home in the past three years or who do not qualify for Housing New Mexico’s FirstHome loan program. It may be used with Housing New Mexico’s down payment assistance program, (DPA name) or as a stand-alone first mortgage.
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- HomeForward First Mortgage Fact Sheet (ENGLISH)
- HomeForward DPA Second Mortgage Fact Sheet (ENGLISH)
Spanish
- HomeForward First Mortgage Fact Sheet (SPANISH)
- HomeForward DPA Second Mortgage Fact Sheet (SPANISH)
NewHome Rate Advantage
A permanent mortgage interest rate reduction for the purchase of newly constructed homes under the HomeForward program.
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Manufactured Home Financing
Housing New Mexico wholeheartedly encourages and supports the use of our homeownership programs in the financing of manufactured homes for qualified borrowers. Our programs must be used in conjunction with standard loan types, such as FHA, VA, USDA-RD, and specific conventional loan programs.
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For more information about any of Housing New Mexico's homebuyer programs, please contact a homeownership representative at 505-843-6881 or send an email through the "contact us" button.
