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Down Payment Assistance

Individuals, whether they are seasoned property owners or prospective first-time home buyers, may qualify for down payment assistance programs offered through the New Mexico Mortgage Finance Authority (MFA).  These initiatives aim to facilitate the home buying process by extending grants to assist with down payments and cover closing costs. In certain scenarios, home buyers may find themselves at closing with minimal or no out-of-pocket expenses, or even receive funds back.

Minimum Requirements

To be eligible, applicants must meet certain criteria:

  • A minimum credit score of 620 is required.
  • All homebuyers must undergo pre-purchase homebuyer counseling.
  • Income limits apply, varying by location. For instance, in areas such as Albuquerque, Rio Rancho, or Los Lunas, the income limit stands at $86,210 for a 1-2 person household and $99,141 for a 3+ person household under the FirstHome and FirstDown programs.
  • Additional requirements and limitations may apply.  Request more information

Available Programs

  1. FirstHome and FirstDown:  This mortgage loan targets individuals or families who haven’t owned a home in the past three years.  It can be utilized alongside MFA’s down payment assistance program, FirstDown, or utilized independently as a first mortgage.

  2. FirstDown Plus:  Designed as a third mortgage down payment assistance loan, this program aims to supplement down payments for first-time homebuyers who qualify for MFA’s FirstHome program.   Previous homeowners who haven’t occupied a home as their primary residence in the past three years may also qualify.   FirstDown Plus must always be used alongside MFA’s FirstHome (first mortgage) and FirstDown (second mortgage) programs.

  3. HomeNow:  This program offers a down payment and closing cost second mortgage loan for first-time homebuyers with lower household incomes.   The loan carries a 0% interest rate and may be forgiven after 10 years, subject to meeting specific conditions.

  4. HomeForward:  Targeting individuals or families who have owned a home in the past three years or those who don’t qualify for MFA’s FirstHome loan program, HomeForward can be utilized alongside MFA’s down payment assistance program or as a standalone first mortgage.

Unlocking Your Path to Homeownership

Prospective home buyers can benefit from the expertise of a seasoned, trustworthy, and knowledgeable real estate broker affiliated with Syan Real Estate.  These professionals can offer personalized consultation to help individuals understand their options within the scope of down payment assistance programs.  Moreover, they can facilitate connections with licensed mortgage lenders to assist in the pre-qualification process, ensuring a smoother transition into homeownership.

Contact a Broker

Call/Text: 505-730-8181 or e-mail us today.