New Mexico HomeForward DPA
Housing New Mexico offers HomeForward DPA to home buyers in New Mexico: at most 3% of the price, as a repayable loan.
- Amount
- At most 3% of the price
- Type of help
- A loan you repay
- Open to first-time buyers only
- No
- Your credit score
- At least 620
How is New Mexico HomeForward DPA paid back?
Repayable loan: you pay it back each month across 10 or 15 years, and there's no fee for early payoff.
You make monthly payments on a repayable loan, a small second mortgage, usually combined with your main home loan payment.
Who qualifies for New Mexico HomeForward DPA?
- Your household income may be as high as 150% of the median income for the area, or 200% of AMI in areas with high costs. The cap varies by county; in most counties it's $133,500 for a household with 1 to 4 members.
- Being a first-time buyer isn't required.
- Your credit score must be at least 620.
- You must complete a homebuyer education course ahead of your purchase.
- This help is paired with a first mortgage loan from New Mexico's Home Forward.
Your county and household size set most of the limits. The HUD income limits lookup on our site shows the median income for your area and how your household compares.
How to apply for New Mexico HomeForward DPA
- You apply through one of Housing New Mexico's approved lenders, together with your home loan. The agency pays this help out through those lenders.
- Your lender reviews your credit and income plus the home itself against the program's rules, then reserves those funds on your behalf.
- At closing, the money is paid toward your closing costs and down payment.
Check Housing New Mexico's page for HomeForward DPA for the full rules and to see whether it's taking applications. Or choose a lender from the agency's participating lender list.
Ask a lender about New Mexico HomeForward DPA
Tell us where you're buying and a lender that works with New Mexico's programs can tell you whether New Mexico HomeForward DPA fits you, and what you could combine with it.
Prefer not to call? Send over your details and the lender will contact you.
More first-time buyer programs in New Mexico
- New Mexico FirstDown:
as much as 4% of the price, as a loan you repay.
- New Mexico FirstDown Plus:
as much as $10,000, as a loan you repay.
- New Mexico HomeNow:
as much as $7,000, as a loan that can be forgiven.
Every New Mexico first-time home buyer program · Down payment help in all states