New Mexico NEXTHome Program Checklist
A step-by-step checklist for consumers applying for the New Mexico NEXTHome Program in 2025.
Verify Your Eligibility
- Confirm that your household income meets the maximum limits set by the program, which vary based on county and family size.
- Ensure your credit score meets the program’s minimum requirement, typically 620 or higher. Your assigned Loan Officer may provide additional guidelines.
- Verify that the home you intend to purchase falls within the program’s price limits and will serve as your primary residence.
- Check for additional requirements, such as being a first-time homebuyer or meeting specific location-based criteria.
Prepare Required Documentation
- Gather proof of income, including recent pay stubs, W-2 forms, or documentation for any additional income sources.
- Obtain copies of your tax returns for the past two years, including all supporting schedules.
- Provide bank statements from the last two to three months for all financial accounts.
- Collect property details, such as the address, purchase agreement, and sale price.
- Prepare any additional documents required by your Loan Officer, such as verification of assets, debts, or liabilities.
Coordinate with Your Assigned Loan Officer
- A Loan Officer has been assigned to guide you through the New Mexico NEXTHome Program application process.
- Schedule an initial consultation with your Loan Officer to review eligibility criteria and discuss the necessary steps for completing your application.
- Ask any questions regarding the program, required documents, or application process to ensure clarity.
- Follow your Loan Officer’s instructions to gather and submit all required documentation in a timely manner.
Complete Your Application
- Work closely with your Loan Officer to finalize your application for the NEXTHome Program.
- Submit all necessary documentation to verify eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure accuracy and completeness before submission.
- Complete a homebuyer education course if required by the program.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your enrollment in the program.
- Prepare for any additional costs that may not be covered by the assistance, such as closing fees or prepaid expenses.
- Receive official confirmation of your enrollment and details on how the assistance will be applied toward your home purchase.
Maintain Program Compliance
- Ensure that your purchased home remains your primary residence for the duration required by the program.
- Notify your Loan Officer if you plan to sell, refinance, or make changes to your mortgage, as these actions may impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.