To get a property in the The latest Mexico’s biggest towns and cities
MFA HOMENow is designed to assist very first-date home buyers inside The new Mexico having domestic purchasing costs. The applying has the benefit of qualified customers a great deferred, forgivable mortgage as much as $7,000 to help with the downpayment and you will settlement costs of to order a property. This loan does not have to end up being paid back as long as the buyer lives in the house as their first house to possess a set period of time, constantly five years.
People have to satisfy specific earnings and you will family purchase price conditions, in addition to over an excellent homebuyer education path, become entitled to MFA HOMENow. Furthermore, the house are bought have to be within the The fresh new Mexico and fulfill specific assets criteria.
MFA DownPaymentAdvantage
DownPaymentAdvantage gets borrowers getting less than 80% of city median earnings a great $25,000 advance payment guidelines offer. The cash aren’t paid back, and combine them with the latest FirstDown and you may HomeNow down percentage direction programs to receive to $35,000 altogether advance payment assistance.
You’re entitled to first-go out buyer assistance instead of the MFA’s assist, depending on the town where you want it a home.
Local software, for instance the you to definitely work with by the Santa Fe Society Housing Trust, may also be helpful very first-big date homeowners.