Updated 1/23/2026

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

I've included all of the links and contact info needed to do this on your own, the form is meant to make it easier.

Connect with a DPA team

How Down Payment Assistance Works

I need to give a quick overview of how down payment assistance works. After that, the programs are listed.

With down payment assistance, you'll run into two different types:

  • A grant

  • A loan

A Grant

If we meet the qualifications up front, then it's money that does not need to be repaid.

A Loan

If the down payment assistance comes in the form of a loan, then pay attention to the three different types:

  • Repayable

  • Deferred

  • Forgivable

Repayable is just as most imagine. It charges interest over a certain amount of time, with monthly payments until it's paid off.

Deferred loans usually don't require a monthly payment, and typically don't charge interest. It's due in full when you refinance, sell the home, or when it ceases to be your primary residence.

Forgivable loans will disappear if you meet the criteria, which usually comes down to keeping the home as your primary residence for a specific amount of time.

Okay with that, here are the programs!

New Mexico 

New Mexico MFA FIRSTDown Program

  • Assistance:
    • FirstDown: A second mortgage loan of up to 4% of the home's purchase price to cover down payment and closing costs.

    • FirstDown Plus: An additional third mortgage loan of up to $10,000 (stackable with FirstDown).

  • Terms:
    • FirstDown: 0% interest; repayment is deferred until you sell, refinance, or pay off the first mortgage.

    • FirstDown Plus: 0% interest; typically structured as a 15-year loan with small monthly payments (approx. $55/month), though specific terms can vary by lender availability.

  • Eligibility: First-time homebuyers (or repeat buyers in targeted areas) using an MFA first mortgage. Minimum credit score of 620.

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

New Mexico MFA HomeNow Program

  • Assistance: Provides a fixed $7,000 loan for down payment and closing costs.

  • Terms: 0% interest loan. Forgivable after 10 years if the buyer remains in the home as their primary residence. If sold before 10 years, the full amount is due.

  • Eligibility: First-time homebuyers with lower income (typically at or below 80% AMI). Minimum credit score of 620.

  • More Information: HomeNow Program

New Mexico MFA HomeForward Program

  • Assistance: A mortgage program that can be paired with HomeForward DPA, which provides a second mortgage of up to 3% of the sales price.

  • Eligibility: No first-time homebuyer requirement. Available to repeat buyers or those who have owned a home in the last 3 years. Income limits apply.

  • More Information: HomeForward 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: Provides a grant of up to $6,000 (or 3% of purchase price) for down payment assistance.

  • Terms: Forgivable grant. You must repay it if you sell or refinance within the first 4–5 years (prorated).

  • Eligibility: First-time homebuyers who are members of Kirtland FCU. Minimum credit score and income caps apply (e.g., household income under approx. $74,750 for larger families, subject to change).

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

City of Rio Rancho Housing Opportunity Program (HOP)

  • Assistance: Provides up to $5,000 in down payment and closing cost assistance.

  • Terms: 0% interest loan, forgivable after 5 years if you remain in the home.

  • Eligibility: First-time homebuyers purchasing within Rio Rancho city limits; household income must be at or below 80% AMI.

  • https://rrnm.gov/4767/Affordable-Housing-Study

Updated 1/23/2026

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

I've included all of the links and contact info needed to do this on your own, the form is meant to make it easier.