New Mexico HomeNow

How is New Mexico HomeNow paid back?

Forgivable loan: 0% loan that may be forgiven after 10 years if you meet the program's rules.

A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.

Who qualifies for New Mexico HomeNow?

• Your income can be no more than 80% of the area median income.
• First-time buyers only: yes, with exceptions.
• A credit score of 620 or higher.
• A homebuyer education course before you buy.
• Price limit: the lower of the FirstHome or HomeNow purchase price limits.

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 HomeNow

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 HomeNow, 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 HomeForward DPA: up to 3% of the price, repayable loan.

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