These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

New Mexico 

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

New Mexico MFA FIRSTDown Program

  • Assistance: Provides up to $8,000 in down payment and closing cost assistance.

  • Terms: 0% interest loan, repayable when the home is sold, refinanced, or paid off.

  • Eligibility: First-time homebuyers using an MFA loan program; income limits vary by county and household size.

  • More Information: New Mexico Mortgage Finance Authority (MFA)

New Mexico MFA HomeNow Program

  • Assistance: Offers up to $7,000 in down payment assistance.

  • Terms: 0% interest loan, forgivable after 10 years if the buyer remains in the home.

  • Eligibility: First-time and repeat homebuyers with income at or below 80% of the Area Median Income (AMI); a minimum credit score of 620 is required.

  • More Information: HomeNow Program

New Mexico MFA HomeForward Program

  • Assistance: Provides a combination of a first mortgage loan and down payment assistance.

  • Eligibility: Available to individuals or families who have owned a home in the past three years or who do not qualify for the FirstHome program; a minimum credit score of 620 is required.

  • More Information: HomeForward Program

Homewise Down Payment Assistance Program

  • Assistance: Offers up to $40,000 to assist with down payment and closing costs.

  • Eligibility: First-time homebuyers in New Mexico's third congressional district, which includes Santa Fe; specific income and other requirements apply.

  • More Information: Homewise Assistance Program

Santa Fe Community Housing Trust – Mortgage Reduction Assistance Program

  • Assistance: Provides up to $20,000 in loan funds for down payment assistance.

  • Eligibility: Residents of Santa Fe meeting specific criteria, including veterans, larger families, individuals with special needs, and those with incomes below a moderate level.

  • More Information: https://www.housingtrustonline.org/

Kirtland Federal Credit Union – Jump Start Down Payment Assistance Program

  • Assistance: Offers grants up to $6,000 for down payment assistance.

  • Eligibility: First-time homebuyers who are members of the credit union; income limits and other requirements apply.

  • More Information: https://kirtlandcu.org/jumpstarthome/

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.