Attractive Loan Program For 1st Time Buyers In NM
Looking to purchase your 1st residence in New Mexico but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in New Mexico are provided by the New Mexico Mortgage Finance Authority (NMMFA). Not only do they provide affordable fixed- rates on your mortgage loan, they also provide other enticing programs for 1st time home buyers.
Here are some details on NMMFA’s loan program:
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.
For complete details on this loan, including contact information and instructions on how to apply, please visit this NMMFA loan page.
More New Mexico First Time Buyer Resources
In addition to the above first time homebuyer loan from NMMFA, there are resources available as well. Be sure to visit New Mexico down payment assistance, as well as our page that shares details about grants available in NM to purchase your first home.