Bootcamp For Buyers

First Time Homebuyer Programs in New Mexico

New Mexico offers several programs through the New Mexico Mortgage Finance Authority (MFA) to assist first-time homebuyers. These initiatives provide financial assistance and competitive loan options to make homeownership more affordable.

FIRSTHome Program

The FIRSTHome Program offers low-interest mortgages tailored for first-time buyers.

  • Provides 30-year fixed-rate loans with competitive interest rates.
  • Available for FHA, VA, USDA, and conventional loans.
  • Income and purchase price limits apply based on location and household size.

FIRSTDown Program

The FIRSTDown Program provides down payment and closing cost assistance for eligible buyers.

  • Offers up to $8,000 in assistance as a second mortgage.
  • Structured as a 0% interest loan, repayable upon sale or refinance.
  • Must be used in conjunction with the FIRSTHome loan program.

NEXTHome Program

The NEXTHome Program is designed for repeat buyers or those not meeting the first-time buyer definition.

  • Provides down payment assistance of up to 3% of the loan amount.
  • Can be used with FHA, VA, USDA, or conventional loans.
  • No income limits for eligibility.

New Mexico’s first-time homebuyer programs offer the financial tools and resources needed to make owning a home more accessible and affordable. Explore these options and take the first step toward owning your dream home in the Land of Enchantment.