First-time homebuyer programs in New Mexico
First-time homebuyers in New Mexico have access to a variety of national programs and local educational opportunities to help them through the homebuying process.
FIRSTHome
FIRSTHome is the New Mexico MFA’s home loan offering for low- to moderate-income first-time homebuyers (defined as a buyer who has not owned a home before, or has not owned a home in three or more years).
To be eligible, buyers must be purchasing a single-family home, and:
- Contribute $500 of their own money
- Have a credit score of 620 or higher (though alternative qualification may be available in certain cases)
- Meet income and home purchase price limits
The FIRSTHome program can be used in conjunction with the FIRSTDown down payment assistance program.
FIRSTDown
For borrowers in the FIRSTHome program, the New Mexico MFA also offers FIRSTDown down payment and closing cost assistance up to $8,000. FirstDOWN must be combined with the FIRSTHome program.
The assistance through FIRSTDown comes in the form of a fixed-rate second mortgage, and has the same credit score minimum, home purchase limit and homebuyer counseling requirements as the FIRSTHome program. The household income limits, which vary by county, are also the same. For instance, a one- to two-person household in Union County must not exceed $69,840 in annual income to qualify.