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New Mexico First Time Homebuyer Programs

By Tiffany Raiford

Buying your first home is an exciting time in your life. It's even more exciting to realize that you can buy a home much sooner than you anticipated thanks to the first time home buyer programs available for New Mexico residents. These programs are designed to help you make a house purchase by offering programs such as down payment assistance and closing cost assistance. If you are looking to make your first home purchase in New Mexico, see which programs you qualify for.

Helping Hand

The Helping Hand program is a soft loan program available to first time homebuyers that cannot afford a down payment or other costs related to the purchase of your home. This $8,000 loan is available at zero percent interest and does not have to be paid back until the home is sold, refinanced or transferred. This loan can be used in conjunction with conventional loans, FHA, VA, and many other loan types.

Payment$aver

For low and middle income families, this program is available to anyone who has not owned or occupied a New Mexico home in at least three years. This loan is provided to help buyers with closing costs and down payment assistance. It cannot exceed $8,000 or 8 percent of the home sales price. The loan works just like the Helping Hand loan, which means it does not have to be repaid until the home is sold or refinanced or transferred. It comes with a zero percent interest rate.

Mortgage Booster

This is a program that is only available to those who qualify for the Payment$aver program. This program provides buyers with as much as $8,000. Your lender will determine the amount for which you qualify. Unlike the other loans available, this one has to be paid back over the course of 30 years and will require you to make a secondary payment in addition to your mortgage payment.

In addition to other first time homebuyer programs such as specialty VA and FHA loans available across the country, these programs can help first time buyers in New Mexico realize their dreams of owning your very own home. Contact your local housing authority in New Mexico to find out what you qualify for to begin the process of purchasing your first home.

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