First-time buyers moving to New Mexico will find diversity everywhere in the “Land of Enchantment”.  With lush greenery in the north, desert vistas in the south, and mountains and skiing in-between, New Mexico residents experience the four seasons and have plenty of opportunities to enjoy outdoor activities.  Entertainment options abound as well, from Albuquerque’s International Hot Air Balloon Fiesta to the many art festivals in Santa Fe to everything ‘alien’ in Roswell.  Just be careful when it comes to taking sides when it comes to chiles, as New Mexicans take this particular food very seriously.

Why People Want To Move To New Mexico

Along with the diversity in culture, scenery and weather, New Mexico offers much in the way of employment options.  Two of the state’s largest employers are Intel and the National Laboratory in Los Alamos, but New Mexico is also known for its military bases and mining, oil and natural gas industries.  With an affordable cost of living, beautiful scenery and home values increasing almost 6% year over year, it’s no wonder first-time buyers are looking to make New Mexico their new home.

2017 First Time Buyer Programs & Loan Pre-Approval In New Mexico

Looking for a buyer program specific to NM? If, you’re confused about your options give us a call at 615-873-0367.

Get A Pre-Approval

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. -
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed

Are you a first time buyer? It doesn’t matter if you’re in New Mexico, Colorado or Utah we can help you get pre-approved!

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