As a first time home buyer in New Mexico, you might be able to get help with your home purchase! We found resources that could help you with your down payment and so much more.
Get more help buying a house with low income here!
Get help with your down payment in New Mexico!
If you’re a first time home buyer in New Mexico and you live in a rural area, you might be able to get a USDA direct loan. This loan allows people who qualify to get a home without having to make a down payment. You can finance 100% of the home purchase. You might still be required to pay for closing costs or other fees.
The New Mexico Housing Program might be able to help you with both down payment and closing cost assistance. You could qualify for a grant that could help you pay for your down payment or your closing costs. People who want to use this program will have to meet both residency and income requirements to get help with it.
You can get help if you’re a first time home buyer in New Mexico!
If you’re unable to qualify for the direct mortgage through the USDA, you might be able to get help with a guaranteed mortgage. This mortgage is backed up by the USDA and can help you get into a home even if you’re low income! The mortgage comes with guidelines that could be easier to meet than a traditional mortgage. You might be able to qualify with lower income and a lower credit score.
The FHA loan might be a great option for you if your credit isn’t perfect and you’re a first time home buyer. If you haven’t purchased a home before, you might be able to qualify for this mortgage.
Using the Habitat for Humanity is a great way to get into a home with little money down. While you will still have a mortgage payment with Habitat, it might be easier for you to get into the home when you’re getting started. Most people who get approved for Habitat for Humanity have income at or below 50% of the poverty level.
The New Mexico Home Buyer program might be able to help you with your home purchase. As a first time home buyer in New Mexico, you could get help with a loan that you can use for your down payment or closing costs. The loan comes with low interest rates.
Are you a Native American? You might be able to get help with your home purchase through the homeownership program. There are many resources in New Mexico that might be able to help you get into a house!
We found help if you’re a military buyer!
If you’re a veteran or you get VA benefits, you might be able to get help getting a house as a first time home buyer in New Mexico. The VA-backed home mortgage might make it easier for you to qualify for a home. This mortgage comes with requirements that you might be able to meet easier. You could get a house with less money down, a lower credit score and a lower income.
New Mexico cities could offer help.
Some cities in New Mexico might provide help to people who qualify for assistance. You might be able to get help with your down payment and even help finding a home. See everything we found for home buyer help in your New Mexico city!
Albuquerque
The Albuquerque HOME investment partnership might be able to help you as a first time home buyer in New Mexico. In addition to HOME, you might be able to get down payment assistance through the city. The Workforce Housing Plan could help with existing and new affordable housing for people who live in Albuquerque. In addition to other programs, the city offers the Neighborhood Stabilization program. With this program, the city purchases homes to rehabilitate. Once they do that, they sell them to people who qualify for affordable housing!
Las Cruces
Las Cruces offers a variety of resources if you’re a first time home buyer in New Mexico. You might be able to get help through HOME. The investment program could give you access to funds you can use for your down payment and for closing costs. You might also be able to get access to the Impact Fee Waiver to make your home purchase slightly more affordable. The Housing Land Bank and Trust can provide assistance you might be able to use when you’re purchasing a home.
Santa Fe
If you’re a first time home buyer in New Mexico and you’re purchasing a home in Santa Fe, resources are available. The city offers the Housing Trust Fund you might be able to use to put toward your down payment. If you qualify, you could get help with Homewise which can help you purchase a home that needs rehabilitation. As a first time home buyer, you might be able to get help through the HOME investment program in Santa Fe.
