Down Payment Assistance Programs for First Time Home Buyers in Doña Ana County, New Mexico
Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you but you aren’t even aware of it. New Mexico residents interested in buying a home in Doña Ana County have access to several options.
What is Down Payment Assistance?
It is any kind of program designed to help people afford a home. However, these are not necessarily programs that hand out free money. They come in a number of forms including Grants, Silent Seconds, Delayed Repayment Loans, Interest-Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Doña Ana County, New Mexico
- First Down Assistance Program: This program comes in the form of a second mortgage with a 30-year fixed rate. It bridges the gap between the closing costs and down payment with that of the minimum investment determined by the New Mexico Mortgage Finance Authority (MFA). It should be used in conjunction with a First Home first mortgage loan. For more information, Click here.
Mortgage Programs Available in Doña Ana County, New Mexico
- First Home First Mortgage Program: This is a loan program aimed for first-time homebuyers . It can be paired with these specific products:
– Fannie Mae’s MyCommunity™
– HFA Preferred™
First Home offers a safe and affordable 30-year mortgage at a fixed rate. In addition, it does not charge the borrower with an origination or discount fee.This page offers more info.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Doña Ana County Sites
- New Mexico Finance Mortgage Authority
- New Mexico Association of Realtors
- Doña Ana County School
- Doña Ana County Sheriffs
- HUD Homeownership Assistance for New Mexico