Programs For 1st Time Buyers
First time home buyers in New Mexico have many options available to them for help in purchasing their first residence. The New Mexico Mortgage Finance Authority (NMMFA) provides some very productive programs for New Mexico residents seeking to purchase their first home.
Here are some highlights:
MFA’s First Home Program offers a first mortgage loan with a competitive interest rate to first-time homebuyers. First-time homebuyers are individuals who have not owned and occupied a home as their primary residence (including a manufactured home on a permanent foundation) in the past three years. Eligibility for each program is based upon household income, family size and the purchase price of the home.
The First Home program can be used in conjunction with a FHA insured, VA insured and Fannie Mae’s (“FNMA”) MyCommunity™, HFA Preferred™ suite of products. USDA Rural Development guaranteed, leveraged, or direct loans are also available as well as the HUD Section 184 Indian Housing program.
First Home Program Benefits
Lower monthly mortgage payments and, in some cases, lower up-front cash requirements. The First Home program offers a safe and affordable 30 year, fixed rate; First Home has no origination or discount fee charged to the homebuyer.
Down Payment Assistance for the First Home Program
The First Down payment assistance program can be used in conjunction with the First Home program and can help to cover the required down payment, closing costs and prepaid expenses. MFA can provide more detail for the First Down program upon request.
For complete details on these programs, including contact information and instructions on how to apply, please visit this NMMFA program page.
More New Mexico First Time Buyer Programs
In addition to the above homebuyer programs offered by NMMFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine availability near you, please visit local 1st time home buyer programs in New Mexico.