New Mexico first-time home buyer programs
Housing New Mexico (New Mexico Mortgage Finance Authority) lists 4 programs that help buyers in New Mexico with the down payment or closing costs. Amounts and terms are shown as the agency publishes them.
- Programs from the agency
- 4
- Biggest amount listed
- $10,000
- First-time buyers only
- 3 of 4 programs
- Income caps
- 80% to 200% of area median or $196,535
Down payment assistance programs in New Mexico
| Program | Amount | Grant or loan | Income limit | First-time buyers only |
|---|---|---|---|---|
| FirstDown. With a FirstHome first mortgage from Housing New Mexico; credit score 620+; homebuyer course; price limit same purchase price limits as the FirstHome program. | Up to 4% of the price | Repayable loan: Fixed-rate loan repaid monthly over 15 or 30 years; a $1,000 loan is repaid over 15 years. | Varies by county and household size, up to $196,535 Agency income chart | Yes, with exceptions |
| FirstDown Plus. With FirstHome plus FirstDown or HomeNow second; credit score 620+; homebuyer course; price limit same purchase price limits as FirstHome. | Up to $10,000 | Repayable loan: 0% loan repaid at $55.56 a month over 15 years. | Varies by county and household size Agency income chart | Yes, with exceptions |
| HomeNow. credit score 620+; homebuyer course; price limit the lower of the FirstHome or HomeNow purchase price limits. | Up to $7,000 | Forgivable loan: 0% loan that may be forgiven after 10 years if you meet the program's rules. | Your income must be at or below 80% of the area median income. | Yes, with exceptions |
| HomeForward DPA. With housing New Mexico's Home Forward first mortgage loan; credit score 620+; homebuyer course. | Up to 3% of the price | Repayable loan: Repaid monthly over 10 or 15 years, with no fee for paying it off early. | Up to 150% of the area median income (200% of AMI in high-cost areas); varies by county, for example $133,500 for households of 1 to 4 people in most counties. | No |
Usually, "first-time buyers only" means you haven't owned a home during the past three years, though every program sets a rule of its own. The name of each program links to a Housing New Mexico (New Mexico Mortgage Finance Authority) page that says whether applications are open right now. The agency also maintains its own list of participating lenders. Compare down payment assistance programs across all states, or ask a lender that works with New Mexico's programs.
How do you repay New Mexico's programs?
- Repayable loan: a small second mortgage you pay back monthly, usually along with your first mortgage payment.
- Forgivable loan: keep the home and its first mortgage for the set years, and this second loan is written off.
How does your income compare with New Mexico's caps?
Every program has its own income cap, which the table shows, and the exact chart is on that program's agency page. Use the HUD income limits lookup (FY2026) to find the figure for your county and household size. If a program relies on its own county chart or Freddie Mac's, the result can differ from HUD's number, and the agency's chart decides.
| HUD area | Median family income | HUD low-income limit |
|---|---|---|
| Albuquerque | $100,400 | $80,300 |
| Santa Fe | $118,600 | $87,500 |
| Farmington | $80,300 | $64,250 |
| Las Cruces | $79,900 | $62,150 |
HUD uses about 80% of the median as a starting point. Its own caps can hold that number down, including a yearly cap on increases, so the low-income limit is under 80% in a few areas.
Talk to a lender that works with New Mexico programs
These programs are paid out through the agency's approved lenders, so the lender is your next step. Tell us where you're buying and a lender that works with New Mexico's programs can explain which ones fit you.
Rather not call? Send your details and the lender will reach you.