See programs you qualify for
Get Matched Free →City of Rio Rancho Repayment Optional Loan Program
Funding status: Active
How much assistance
Up to $5,000 toward down payment and closing costs
0% interest, non-amortizing second mortgage. Forgiven after 5 years if borrower continues to occupy the home as primary residence; only repayable if residency ends within 5 years.
Eligibility
- Income limits: Borrower must earn no more than 80% of the median income for a single resident in Sandoval County. At least one applicant (or co-applicant) must hold US citizenship.
- First-time buyer required: Yes — A first-time homebuyer is anyone who has not owned the property for the three years prior to application.
- Geographic restrictions: Property must be a standalone single-family home within Rio Rancho city limits, priced at no more than 95% of the current FHA loan ceiling. First mortgage must be a 30-year fixed-rate conventional loan.
- Homebuyer education required: Yes
How to Apply for City of Rio Rancho Repayment Optional Loan Program
Contact the City of Rio Rancho to request the Repayment Optional Loan Program application packet. Complete an approved homebuyer education course, secure a 30-year fixed-rate conventional mortgage from a participating lender, and submit your application before closing on the home.
Free eligibility check
See every program you may qualify for
How soon are you looking to buy?
Question 1 of 6
housebuyerguides