New Mexico Mortgage Finance Authority - NextHome Program

The New Mexico Mortgage Finance Authority offers eligible applicants a number of mortgage programs to help them cover the down payment and closing cost assistance, as well as provide competitive interest-rate mortgage loans. One of those programs is NextHome.

Available Assistance 
NextHome is a combination of first mortgage loan and down payment assistance second loan that is available to first-time and non-first-time homebuyers with low and moderate incomes. The program is used to finance single-family residences. Borrowers must occupy the property as their primary residence within 60 days of closing. The NextHome down payment assistance second loan is 3 percent of the first mortgage loan amount. The loan may be used to finance down payment and closing costs, including pre-paid items. In some cases, it may be used as an additional down payment on the first mortgage loan. 


Eligibility Requirements 
A minimum credit score of 620 is required. Homebuyers must contribute at least $500 from their own funds. The borrower contribution cannot be derived from any type of gift, grant or down payment assistance. 
Household income limit: $95,000 
Maximum Purchase Price Limit: $346,600 

 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.           

  

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information 

 

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.