New Mexico FIRSTHome Program Checklist
A step-by-step checklist for consumers applying for the New Mexico FIRSTHome Program in 2025.
Confirm Your Eligibility
- Check that your household income falls within the program’s limits, which vary based on family size and location.
- Ensure your credit score meets the minimum program requirement, typically 640 or higher. Additional criteria may apply as determined by your assigned Loan Officer.
- Verify that the home you intend to purchase falls within the program’s maximum price limits and will serve as your primary residence.
- Review any other requirements, such as first-time homebuyer status or purchasing in designated areas.
Gather Necessary Documents
- Collect proof of income, including recent pay stubs, W-2 forms, or documentation for any other income sources.
- Obtain copies of your federal tax returns from the past two years, including all relevant schedules.
- Gather bank statements from the last two to three months for all active accounts.
- Prepare details about the home purchase, including the address, sales contract, and purchase price.
- Compile any additional paperwork requested by your Loan Officer, such as asset verification, debt information, or other financial documents.
Work with Your Assigned Loan Officer
- A Loan Officer has been assigned to help guide you through the New Mexico FIRSTHome Program application process.
- Schedule an initial meeting or phone consultation with your Loan Officer to discuss eligibility and outline the steps required for application completion.
- Ask any questions you have regarding the program, required documentation, or application procedures.
- Follow the instructions provided by your Loan Officer to efficiently gather and submit all necessary paperwork.
Submit Your Application
- Collaborate with your Loan Officer to accurately complete your New Mexico FIRSTHome Program application.
- Provide all required documents to verify your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to confirm accuracy and completeness before submission.
- If necessary, complete a homebuyer education course to satisfy program requirements.
Finalize Your Enrollment
- Sign all required documents provided by your Loan Officer to officially enroll in the program.
- Prepare for any costs not covered by the assistance, such as additional closing fees or prepaid expenses.
- Receive confirmation of your enrollment and details on how the assistance will be applied toward your home purchase.
Ensure Continued Compliance
- Maintain the purchased home as your primary residence for the duration specified by the program.
- Inform your Loan Officer if you plan to sell, refinance, or make any changes to your mortgage, as these actions may impact your program benefits.
- Stay up to date with any changes to program rules or requirements to ensure compliance and continued eligibility for assistance.