Learn About DPA Programs Available To You
First time home buyers in New Mexico have many options available to them for help in purchasing their first residence. If you feel that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. The New Mexico Mortgage Finance Authority (NMMFA), offers down payment assistance for New Mexico residents seeking to buy their first home.
New Mexico DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the NMMFA website:
The First Down program is a second mortgage loan amortized over 30 years with a low interest rate to help first-time homebuyers with minimum down payment and closing costs.
What does First Down provide?
MFA’s First Down program is a second mortgage loan that provides minimum down payment and closing cost assistance to first-time borrowers who qualify for an MFA First Home first mortgage loan.
First Down must be used in conjunction with an MFA First Home first mortgage loan.
Who can qualify for First Down?
First Down is designed to serve low-to-moderate income first-time homebuyers who need down payment and/or closing cost assistance. You must be able to qualify for an MFA First Home first mortgage loan to receive a First Down loan. Qualifying criteria for the First Home program can be provided through an MFA-approved participating lender.
What is the maximum loan amount?
An MFA-approved participating lender can help you determine the amount of the First Down loan that you qualify for, based upon your needs. The maximum First Down loan amount is $8,000.
To get complete program details, including income limits as well as how to get the application process started, please visit the NMMFA DPA page.
More Down Payment Assistance
In addition to the above DPA program offered by NMMFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about availability of additional down payment assistance available near you, please visit local assistance for 1st time buyers in New Mexico.