New Mexico First-Time Home Buyer Programs of 2019

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Many people need help when buying their first home. That’s why the New Mexico Mortgage Finance Authority, or MFA, offers programs to give qualified first-time home buyers a chance to get affordable loans with low down payments at generous terms.

There also are national loan programs that benefit home buyers who have small down payments or imperfect credit histories. Check out all options when buying a first home in the Land of Enchantment.

National first-time home buyer programs

These loan programs are widely available and are worth a look, especially if you don’t have much money saved for a down payment or you have a few dings on your credit.

MFA highlights and eligibility requirements

To qualify as a first-time home buyer in New Mexico, you can’t have owned your own home in the last three years. If that describes you, you may qualify for one of these New Mexico MFA programs designed to ease your path into homeownership. NextHome down payment assistance is available to repeat buyers as well as first-timers.

» MORE: Tips for first-time home buyers


  • Down payment and closing cost financial aid available, with income limits.
  • Available with HUD Section 184 loans to buy homes in Native American communities.
  • Can be used to finance single-family properties.
  • Loans are available from participating lenders.
  • Alternative credit qualification may be available for borrowers without a credit score.


  • 620 minimum credit score.
  • Borrowers must meet income limits that vary by family size and county.
  • Homes have purchase price limits.
  • Borrowers must contribute at least $500 of their own money.

Compare MFA lenders

MFA first-time home buyer programs

Summary: 2019 New Mexico MFA first-time home buyer programs

  • FirstHome for low-fee mortgages with competitive interest rates.
  • NextHome for forgivable down payment assistance with no monthly payments.
  • FirstDown for down payment assistance that has to be repaid in monthly payments.
  • HomeNow for forgivable down payment assistance, with no monthly payments, for people with low incomes.

These are the general outlines of New Mexico MFA’s loan programs for first-time home buyers. To get into the details, visit New Mexico MFA’s mortgage programs page. Lending decisions are made by the programs’ participating lenders. If you find loan and down payment assistance programs that fit, contact a lender directly.

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