New Mexico Down Payment Assistance
New Mexico Down Payment Assistance Programs
A guide to current down payment assistance options in New Mexico, including the state Housing Finance Agency, well-known city and county programs, and live DPA mortgage pricing for New Mexico homebuyers.
New Mexico Housing Finance Agency
New Mexico Mortgage Finance Authority (Housing New Mexico) (MFA)
housingnm.org505-843-6880
MFA administers the primary DPA programs for New Mexico. Program details below are current as of April 23, 2026 - confirm current terms directly with MFA before applying.
Statewide DPA Programs in New Mexico
FirstHome
Housing New Mexico (MFA)
Fixed-rate first mortgage for first-time homebuyers; may be paired with FirstDown or HomeNow for down payment and closing cost assistance.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 620
- Income: County-based limits per MFA schedule (Mortgage Revenue Bond requirements).
- Homebuyer education required
First-time homebuyer defined as not owning a principal residence in the past three years. Targeted areas may waive FTHB requirement.
Source: housingnm.org
FirstDown
Housing New Mexico (MFA)
Silent second mortgage up to a percentage of purchase price, capped per MFA guidelines. 0% interest, no monthly payment; forgiven after 10 years of owner occupancy.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 620
- Homebuyer education required
Must be paired with MFA FirstHome first mortgage. Balance becomes due if the home is sold or refinanced before the end of the forgiveness period.
Source: housingnm.org
FirstDown Plus
Housing New Mexico (MFA)
$15,000 non-amortizing third mortgage. 0% interest, no monthly payment; forgiven after 10 years of continuous owner occupancy.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Homebuyer education required
Funded from the New Mexico Housing Trust Fund. Must be paired with FirstHome and typically FirstDown. Subject to funding availability.
Source: housingnm.org
HomeNow
Housing New Mexico (MFA)
Second mortgage for down payment and closing cost assistance for lower-income first-time homebuyers; may be combined with FirstDown.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 620
- Income: Lower-income tier; see MFA HomeNow income schedule.
- Homebuyer education required
Combined FirstDown + HomeNow assistance can reach the MFA published maximum.
Source: housingnm.org
NextHome
Housing New Mexico (MFA)
Down payment and closing cost assistance paired with a MFA first mortgage; no first-time homebuyer requirement.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Not required
- Primary residence only
- Minimum FICO: 620
- Homebuyer education required
Source: housingnm.org
New Mexico Notes for Homebuyers
- MFA income and purchase price limits are updated periodically; always check the current schedule at housingnm.org.
- Homebuyer education is required for MFA programs.
2026 Loan Limits in New Mexico
Conforming (Conventional)
$806,500 baseline
FHA
$524,225 floor
Most New Mexico counties use the FHA floor limit.
Live DPA Pricing for New Mexico
Pricing below is sourced live from hundreds of wholesale lenders for a New Mexico scenario. Edit the inputs to match your situation.
FHA Down Payment Assistance
Up to 5% assistance; repayable second at first rate + 2% over 10 years
▸Program details
- ✓Minimum credit score: 580
- ✓Non-traditional credit also possible
- ✓Assistance up to 2.5%, 3.5%, or 5% of the lesser of purchase price or appraised value
- ✓Assistance can be used for down payment, closing costs, or both
- ✓Second lien: 10-year fixed, repayable
- ✓Second lien rate is 2% higher than the first mortgage rate
- ✓No first-time homebuyer requirement
- ✓No income cap
- ✓Purchase of primary residence only
- ✓Eligible properties: 1-unit residences, PUD, 2-4 units, FHA-approved condos, manufactured (single/double-wide)
- ✓DTI per AUS and FHA manual underwriting guidelines
- ✓First lien: FHA 30-year fixed
Assistance amount
Compare DPA options for New Mexico with live pricing
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