New Mexico FirstDown
Housing New Mexico offers FirstDown to first-time buyers in New Mexico: as much as 4% of the price, as a repayable loan.
- Amount
- As much as 4% of the price
- What kind of help
- A loan you repay
- Just for first-time buyers
- Yes, though some exceptions apply
- Your credit score
- At least 620
How do you repay New Mexico FirstDown?
Repayable loan: you repay it monthly at a fixed rate, over 15 or 30 years. With a $1,000 loan, repayment runs 15 years.
You pay off a repayable loan each month; it's a small second mortgage, and usually it's part of your main home loan payment.
Who can get New Mexico FirstDown?
- Depends on your county and household size, with a maximum of $196,535.
- First-time buyers only: yes, though some exceptions apply.
- Your credit score needs to be 620 or more.
- You take a homebuyer education course before buying.
- You also take out a FirstHome first mortgage, which Housing New Mexico provides.
- Price limit: the purchase price limits are the same ones used in the FirstHome program.
How much income you can have depends on your county and household size; the exact figure is on the agency's income chart. To see your area's median income, use our HUD income limits tool.
Applying for New Mexico FirstDown
- This help is paid out by Housing New Mexico through approved lenders, so you apply through one of them alongside your home loan.
- Your income, credit and the home are checked by the lender against the program's rules, and the money is then reserved for you.
- At closing, the money goes toward your down payment and your closing costs.
Housing New Mexico's page for FirstDown has the full rules and says whether it's taking applications; you can also choose a lender using the agency's list of participating lenders.
Talk to a lender about New Mexico FirstDown
Tell us where you're buying and a lender that works with New Mexico's programs can tell you whether New Mexico FirstDown fits you, and what you could combine with it.
Don't want to call? Share your details and the lender will contact you.
More New Mexico first-time buyer programs
- New Mexico FirstDown Plus:
A repayable loan of up to $10,000.
- New Mexico HomeNow:
Forgivable loan, up to $7,000.
- New Mexico HomeForward DPA:
Repayable loan of up to 3% of the price.
Every New Mexico first-time home buyer program · Down payment help in every state