First-Time Homebuyer Programs in New Mexico

New Mexico homebuyers benefit from a robust suite of state-administered programs through Housing New Mexico (formerly the New Mexico Mortgage Finance Authority, or MFA). The flagship FirstHome and NextHome first-mortgage programs can be paired with FirstDown (up to $8,000 forgivable second), HomeNow ($7,000 forgivable for buyers at or below 80% AMI), FirstDown Plus ($10,000 second mortgage), and DownPaymentAdvantage (a $25,000 grant for buyers at or below 80% AMI). Combined, qualified first-time buyers can stack up to $35,000 in state assistance. MFA also runs the Targeted Areas program, which offers lower rates and higher purchase-price limits in qualifying census tracts.