See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated May 7, 2026
Homebuyer Programs in Albuquerque, NM (2026)
Albuquerque is the largest city in New Mexico, anchoring Bernalillo County along the Rio Grande with a metro population near one million. The median home price is approximately $385,000. First-time buyers in Albuquerque can stack significant assistance from Housing New Mexico, including up to $8,000 from FirstDown, $7,000 (temporarily $14,000) from HomeNow for buyers at or below 80% AMI, $10,000 from FirstDown Plus, and a $25,000 DownPaymentAdvantage grant — combined assistance can total up to $35,000. Local options include the City of Albuquerque Workforce Housing Trust Fund, the Greater Albuquerque Habitat for Humanity homeownership program, the Sawmill Community Land Trust, and HUD-approved counseling and DPA support from Homewise and United South Broadway Corporation. Combined with federal FHA, VA, USDA, and conventional financing, qualified buyers can dramatically reduce their out-of-pocket cash to close.
City Programs in Albuquerque
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| City of Albuquerque Workforce Housing Trust Fund | Forgivable Loan | Down payment assistance amount varies by funded project; awards delivered through partner nonprofit developers | No | View → |
- Type:
- Forgivable Loan
- Amount:
- Down payment assistance amount varies by funded project; awards delivered through partner nonprofit developers
- First-time only:
- No
State Programs in New Mexico
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Housing NM DownPaymentAdvantage Grant | Grant | $25,000 | Yes | View → |
| Housing NM FirstDown Plus Program | Zero-Interest Loan | $10,000 | Yes | View → |
| Housing NM FirstDown Program | Forgivable Loan | Up to $8,000 (capped at 8% of purchase price) | Yes | View → |
| Housing NM FirstHome Program | Repayable Loan | First mortgage financing at competitive rates | Yes | View → |
| Housing NM HomeNow Program | Forgivable Loan | Up to $7,000 (temporarily $14,000 through April 1, 2026 or until funding exhausted) | Yes | View → |
| Housing NM NextHome Program | Repayable Loan | First mortgage with built-in down payment assistance second loan | No | View → |
| Housing NM Targeted Areas Program | Repayable Loan | Lower mortgage rates, higher purchase price limits, plus down payment assistance | No | View → |
- Type:
- Grant
- Amount:
- $25,000
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- $10,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $8,000 (capped at 8% of purchase price)
- First-time only:
- Yes
- Type:
- Repayable Loan
- Amount:
- First mortgage financing at competitive rates
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $7,000 (temporarily $14,000 through April 1, 2026 or until funding exhausted)
- First-time only:
- Yes
- Type:
- Repayable Loan
- Amount:
- First mortgage with built-in down payment assistance second loan
- First-time only:
- No
- Type:
- Repayable Loan
- Amount:
- Lower mortgage rates, higher purchase price limits, plus down payment assistance
- First-time only:
- No
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Greater Albuquerque Habitat for Humanity Homeownership Program | Zero-Interest Loan | Affordable home with 0% interest mortgage; monthly payment generally around 30% of household gross monthly income | Yes | View → |
| Homewise Albuquerque Down Payment Assistance | Forgivable Loan | Varies by program; Homewise advisors connect buyers with all DPA programs they qualify for | No | View → |
| Sawmill Community Land Trust Homeownership Program | Forgivable Loan | Permanently affordable home purchase via 99-year ground lease; reduces purchase price by separating land from improvements | No | View → |
| United South Broadway Corporation Homebuyer Program | Forgivable Loan | Down payment assistance amount varies by funding source and project | No | View → |
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home with 0% interest mortgage; monthly payment generally around 30% of household gross monthly income
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Varies by program; Homewise advisors connect buyers with all DPA programs they qualify for
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Permanently affordable home purchase via 99-year ground lease; reduces purchase price by separating land from improvements
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Down payment assistance amount varies by funding source and project
- First-time only:
- No
How to Apply
Step 1: Check your eligibility. Most Housing NM programs require you to be a first-time homebuyer (no primary residence ownership in the past 3 years), have a credit score of at least 620, and meet the Bernalillo County income limits — approximately $91,565 for a 1-2 person household and $105,300 for a 3+ person household. The DownPaymentAdvantage grant and HomeNow program require income at or below 80% AMI.
Step 2: Complete homebuyer education. Free HUD-approved homebuyer counseling is available through Homewise (505-243-6566), United South Broadway Corporation, and the Greater Albuquerque Habitat for Humanity. Counseling is required for nearly every state and local DPA program.
Step 3: Connect with a Housing NM participating lender. Lenders are listed on the Housing New Mexico website and can determine which combination of FirstHome, FirstDown, HomeNow, FirstDown Plus, and DownPaymentAdvantage you qualify for.
Step 4: Get pre-approved. Your participating lender will issue a pre-approval that locks in your eligible programs and identifies your maximum purchase price, factoring in the Bernalillo County purchase price limits.
Step 5: Find a home that meets program guidelines. Working with a real estate agent familiar with the area, identify homes within your purchase price limits and program guidelines. If you are buying in a Bernalillo County targeted census tract, ask your lender about the Targeted Areas program for better rates and higher purchase price limits.
Step 6: Submit your full application. Your lender submits the full package to Housing NM. DPA funds are first-come, first-served — close as quickly as practical to lock in funding.
Step 7: Close on your home. Bring your $500 minimum buyer contribution and any remaining closing costs. After 10 years of owner-occupancy, your FirstDown and HomeNow second mortgages can be forgiven.