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New Mexico FirstDown Plus

Housing New Mexico offers FirstDown Plus to first-time buyers in New Mexico: up to $10,000, as a repayable loan.

Amount
As much as $10,000
Type of help
A loan you repay
Only first-time buyers
Yes, though exceptions apply
Your credit score
At least 620

You pay $55.56 each month for 15 years on this 0% repayable loan.

With a repayable loan, you take on a small second mortgage paid off monthly, usually combined with your main home loan payment.

New Mexico FirstDown Plus: who qualifies?

  • Your county and household size determine it.
  • Only first-time buyers: yes, but exceptions exist.
  • You'll need a credit score of at least 620.
  • You take a homebuyer education course before buying.
  • It's paired with this first mortgage: FirstHome, plus a FirstDown or HomeNow second loan.
  • The price limit is the same set of purchase price limits that FirstHome uses.

Check the agency income chart for the exact income limit that applies to your county and household size. Use our HUD income limits tool to see the median income in your area.

Applying for New Mexico FirstDown Plus

  1. This help is paid out through lenders approved by Housing New Mexico, so you apply with one of them alongside your mortgage.
  2. Your lender reviews the home, your credit and your income against the program's rules and sets the money aside on your behalf.
  3. This help goes toward your down payment and closing costs and is paid at closing.

Check Housing New Mexico's page for FirstDown Plus for the full rules and to see if applications are open, or choose a lender from the agency's participating lender list.

Talk to a lender about New Mexico FirstDown Plus

Tell us where you're buying and a lender that works with New Mexico's programs can tell you whether New Mexico FirstDown Plus fits you, and what you could combine with it.

Call 866-602-7460

Prefer not to call? Pass along your details and the lender will get in touch.

When you send this request, you agree that one mortgage lender who works with these programs may contact you by email, phone or text, including by automated means, about this request. Agreeing is not a condition of any purchase. We are an independent guide, not a lender or a government agency; only that one lender gets your details, and it may pay us for the introduction. See our about page and privacy notice.

More New Mexico first-time buyer programs

Every New Mexico first-time home buyer program · Down payment help in every state