Down payment assistance in New Mexico

Up to 4% of the home sales price

A fixed-rate second mortgage paired with the FirstHome first mortgage, for down payment and closing costs. It is repaid with a monthly payment; Housing New Mexico offers multiple repayment term options. Not forgiven.

Who qualifies: Exclusively for first-time homebuyers. Same income limits, purchase price limits, credit score, property and homebuyer counseling requirements as FirstHome. Works with FHA, VA, USDA, HUD 184, HFA Advantage and HFA Preferred loans. Apply through a Housing New Mexico participating lender.

Housing New Mexico (MFA) · Agency website → · Checked 2026-09-30

$7,000

A 0% interest, non-amortizing second mortgage for lower-income first-time buyers, usable for the minimum down payment and closing costs. Housing New Mexico says it may be forgiven after 10 years if the borrower meets certain requirements. Can be used with the FirstHome first mortgage.

Who qualifies: First-time homebuyers with income at or below 80% of AMI. Other Housing New Mexico first mortgage requirements apply.

Housing New Mexico (New Mexico Mortgage Finance Authority) · Agency website → · Checked 2026-09-30