New Mexico FirstDown

How is New Mexico FirstDown paid back?

Repayable loan: fixed-rate loan repaid monthly over 15 or 30 years; a $1,000 loan is repaid 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?

• Varies by county and household size, up to $196,535.
• First-time buyers only: yes, with exceptions.
• A credit score of 620 or higher.
• A homebuyer education course before you buy.
• It comes with a FirstHome first mortgage from Housing New Mexico.
• Price limit: same purchase price limits as the FirstHome program.

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

1. Housing New Mexico pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
2. The lender checks your income, credit and the home against the program's rules and reserves the money for you.
3. 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, or pick a lender from the agency's list of participating lenders.

Other first-time buyer programs in New Mexico

• New Mexico FirstDown Plus: up to $10,000, 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