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
- Up to $10,000
- Kind of help
- Repayable loan
- First-time buyers only
- Yes, with exceptions
- Credit score
- 620 or higher
How is New Mexico FirstDown Plus paid back?
Repayable loan: 0% loan repaid at $55.56 a month over 15 years.
A repayable loan is a small second mortgage you pay off each month, usually in the same payment as your main home loan.
Who qualifies for New Mexico FirstDown Plus?
- Varies by county and household size.
- First-time buyers only: yes, with exceptions.
- A credit score of 620 or higher.
- A homebuyer education course before you buy.
- It comes with this first mortgage: FirstHome plus FirstDown or HomeNow second.
- Price limit: same purchase price limits as FirstHome.
The exact income limit for your county and household size is on the agency's income chart. Our HUD income limits lookup shows your area's median income.
How to apply for New Mexico FirstDown Plus
- Housing New Mexico pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on Housing New Mexico's page for FirstDown Plus, or pick a lender from the agency's list of participating lenders.
Ask 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.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in New Mexico
- New Mexico FirstDown: up to 4% of the price, repayable loan.
- New Mexico HomeNow: up to $7,000, forgivable loan.
- New Mexico HomeForward DPA: up to 3% of the price, repayable loan.
All New Mexico first-time home buyer programs · Down payment assistance in every state