New Mexico First Time Home Buyer Grants and Loan Programs

New Mexico first time home buyer grants and loan programs - The New Mexico Mortgage Finance Authority (MFA) offers programs for first time home buyers.

The MFA offers a number of programs with below-market interest rates and/or closing cost assistance to first time home buyers. These programs are also available to individuals who have not owned a home or a manufactured house in the last three years. The programs have specified income limits and qualifications.

The MFA also offers downpayment assistance to qualified applicants. Assistance is offered to eligible Native Americans interested in buying, building, or repairing a home on trust land. Programs are also available to home buyers with disabilities and other qualified first time home buyers.

To see if you qualify for any of the MFA's programs, check out the MFA website.

Special Programs for Albuquerque Residents

The City of Albuquerque offers programs for eligible low and moderate income families that wish to expand and revitalize older neighborhoods. The City of Albuquerque Housing Services provides perpetual deferred loans and low interest loans to qualified low and moderate income home owners. The home loans/mortgages are made for the purpose of rehabilitating residential properties. Family income and family size determine the type of loan a buyer may qualify to receive.

Check out the City of Albuquerque website to learn more.

The Greater Albuquerque Housing Partnership also offers programs for first time home buyers who want to build homes in Albuquerque’s older neighborhoods. The program has specified income limits for the buyers.

The assistance offered is based on the buyer's income and financial need. The assistance can go as high as $25,000 and normally ranges between $15,000 to $20,000. The program only requires a 1% downpayment from the home buyer.

To see if you qualify, check out the Greater Albuquerque Housing Partnership website.

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