New Mexico HomeForward DPA

How is New Mexico HomeForward DPA paid back?

Repayable loan: repaid monthly over 10 or 15 years, with no fee for paying it off early.

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 HomeForward DPA?

• Household income up to 150% of the area median income (200% of AMI in high-cost areas); varies by county, for example $133,500 for households of 1 to 4 people in most counties.
• You don't have to be a first-time buyer.
• A credit score of 620 or higher.
• A homebuyer education course before you buy.
• It comes with housing New Mexico's Home Forward first mortgage loan.

Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.

How to apply for New Mexico HomeForward DPA

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 HomeForward DPA, or pick a lender from the agency's list of participating lenders.

Other first-time buyer programs in New Mexico

• New Mexico FirstDown: up to 4% of the price, repayable loan.
• New Mexico FirstDown Plus: up to $10,000, repayable loan.
• New Mexico HomeNow: up to $7,000, forgivable loan.

All New Mexico first-time home buyer programs · Down payment assistance in every state