New Mexico FIRSTDown Program Checklist
A comprehensive guide for applicants of the New Mexico FIRSTDown Program in 2025.
Evaluate Your Eligibility
- Confirm that you are a first-time homebuyer, defined as not having owned and occupied a primary residence in the past three years.
- Plan to occupy the purchased property as your primary residence within 60 days of closing.
- Ensure the property is a single-family residence intended for owner-occupancy and not for income generation.
- Maintain a minimum credit score of 620; alternative credit qualification may be acceptable in certain cases.
- Be prepared to contribute at least $500 from your own funds toward the transaction, excluding any gifts, grants, or additional down payment assistance.
Collect Necessary Documentation
- Gather recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the FIRSTDown Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Homebuyer Education
- Enroll in a pre-purchase homebuyer counseling course through MFA’s online program, eHome America, or a HUD-approved counseling agency.
- Attend and complete the course prior to closing, as mandated by the program.
- Obtain a certificate of completion to include in your application package.
Submit Your Application
- Work closely with your Loan Officer to fill out your application for the FIRSTDown Program.
- Provide all required documents to confirm your eligibility for the program.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.