New Mexico HomeNow
Housing New Mexico offers HomeNow to first-time buyers in New Mexico: up to $7,000, as a forgivable loan.
- Amount
- As much as $7,000
- Type of assistance
- Loan that can be forgiven
- Only for first-time buyers
- There are exceptions, but yes
- The credit score
- At least 620
In what way is New Mexico HomeNow paid back?
This 0% loan may be forgiven once 10 years pass, provided you meet the program's rules.
Keep the home and first mortgage for the years set by the program, and the forgivable loan is written off.
What does it take to qualify for New Mexico HomeNow?
- 80% of the area median income is the most your income can be.
- Yes: first-time buyers only, with some exceptions.
- Your credit score needs to be 620 or more.
- Take a homebuyer education course before purchasing.
- The price cap is whichever is lower: the FirstHome or HomeNow purchase price caps.
Your county and household size determine most limits. Use our HUD income limits tool to see the median income for your area and where your household falls.
Applying for New Mexico HomeNow
- Housing New Mexico sends this help through approved lenders, so your application goes to one of them with your home loan.
- That lender reviews your income, credit and the property under the program's rules, then sets aside your funds.
- At closing, the money goes toward your down payment and the costs to close.
Check Housing New Mexico's page for HomeNow for the full rules and current application status, or choose a lender from the agency's lender list.
Talk with a lender about New Mexico HomeNow
Tell us where you're buying and a lender that works with New Mexico's programs can tell you whether New Mexico HomeNow fits you, and what you could combine with it.
Would you rather not call? Share your details and the lender will get in touch.
More New Mexico programs for first-time buyers
- New Mexico FirstDown:
A repayable loan of up to 4% of the price.
- New Mexico FirstDown Plus:
A repayable loan of up to $10,000.
- New Mexico HomeForward DPA:
You'd repay this loan, capped at 3% of the price.
See all first-time home buyer programs in New Mexico · Down payment help nationwide