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 past three years. If that describes you, you may qualify for one of these New Mexico MFA programs designed to ease your path into homeownership.
Highlights
Down payment and closing cost financial aid available, with income limits.
Can be used to finance single-family properties.
Alternative credit qualification may be available for borrowers without a credit score.
Eligibility
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.
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 need assistance finding a local participating lender, give me a call and I will connect you to the right person.
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