New Mexico offers 12 down payment assistance programs to help homebuyers cover their down payment and closing costs. This includes 2 grant programs that never require repayment. Programs range from statewide options administered by the state housing finance agency to local city and county programs targeting specific communities.
Maximum assistance available reaches $50,000 through the most generous program. Credit score requirements start as low as 620 for some programs. Most programs require the home to be your primary residence, and many require homebuyer education.
Top Down Payment Assistance Programs in New Mexico
Highlighted programs that combine high assistance amounts with statewide or major-metro availability. See the full list below.
Santa Fe Affordable Housing Trust - Mortgage Reduction Assistance Program
verifySanta Fe Affordable Housing Trust
UP TO $50,000 via multiple funding sources (CDBG, AHTF, CDFI)
Downpayment Assistance Program
openSanta Fe County Housing Authority
$20,000
Down Payment Assistance
openConfederated Tribes of Grand Ronde - Housing
20 (max $20,000)
New Mexico MFA HomeNow Program
openNew Mexico Mortgage Finance Authority (MFA)
$7,000
HomeNow
verifyNew Mexico Mortgage Finance Authority
$7,000
Grant Programs (2)
Grants are the gold standard of down payment assistance. You receive the money and never have to pay it back.
Down Payment Assistance
Confederated Tribes of Grand Ronde - Housing
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- Not specified
- Min Credit Score
- Not specified
- Property Types
- Single-Family, Condominium, Townhouse/PUD
- Max Price
- Not specified
Quick Facts
- Loan Types
- Freddie Mac, Fannie Mae, FHA, VA, USDA-RD +1
- Assistance Type
- grant
- Profession
- All
- Homebuyer Ed.
- Yes
Kirtland Federal Credit Union Jump Start Down Payment Assistance Program
Kirtland Credit Union
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- Household income caps apply (e.g., appro...
- Min Credit Score
- 750+
- Property Types
- Not specified
- Max Price
- $200,000
Quick Facts
- Loan Types
- Not specified
- Assistance Type
- grant
- Profession
- all
- Homebuyer Ed.
- Not specified
Income Limits
Household income caps apply (e.g., approximately $74,750 for larger families, subject to change)
Check AMI limits for your county →Repayment Terms
Forgivable grant. Must repay if sold or refinanced within first 4-5 years (prorated).
Additional Requirements
Must be a member of Kirtland FCU
Forgivable Loans (2)
Forgivable loans are forgiven after a set period of living in the home. If you stay, you keep the money.
New Mexico MFA HomeNow Program
New Mexico Mortgage Finance Authority (MFA)
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- 80% AMI
- Min Credit Score
- 620+
- Property Types
- Not specified
- Max Price
- Not specified
Quick Facts
- Loan Types
- Not specified
- Assistance Type
- forgivable loan
- Profession
- all
- Homebuyer Ed.
- Not specified
Interest Rate
0%
Repayment Terms
0% interest loan. Forgivable after 10 years if the buyer remains in the home as primary residence. Full amount due if sold before 10 years.
Additional Requirements
Must use an MFA first mortgage
Notes
First-time homebuyers with lower income (typically at or below 80% AMI). Occupancy requirement: Primary residence for 10 years to receive full forgiveness
City of Rio Rancho Housing Opportunity Program (HOP)
City of Rio Rancho
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- 80% AMI
- Min Credit Score
- Not specified
- Property Types
- Not specified
- Max Price
- Not specified
Quick Facts
- Loan Types
- Not specified
- Assistance Type
- forgivable loan
- Profession
- all
- Homebuyer Ed.
- Not specified
Interest Rate
0%
Repayment Terms
0% interest loan, forgivable after 5 years if buyer remains in the home
Notes
Occupancy requirement: 5 years for full forgiveness
Deferred Payment Loans (6)
Deferred loans require no monthly payments while you live in the home. You repay when you sell, refinance, or move out.
Santa Fe Affordable Housing Trust - Mortgage Reduction Assistance Program
Santa Fe Affordable Housing Trust
Eligibility Snapshot
- First-Time Buyer
- Not specified
- Income Limit
- Varies; residents of Santa Fe meeting sp...
- Min Credit Score
- Not specified
- Property Types
- Not specified
- Max Price
- Not specified
Quick Facts
- Loan Types
- Not specified
- Assistance Type
- deferred loan
- Profession
- veterans, first responders
- Homebuyer Ed.
- Not specified
Income Limits
Varies; residents of Santa Fe meeting specific criteria
Check AMI limits for your county →Additional Requirements
Priority populations include veterans and first responders. Eligible: veterans, larger families, individuals with special needs, and those with incomes below a moderate level
Notes
Check program requirements
Downpayment Assistance Program
Santa Fe County Housing Authority
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- Not specified
- Min Credit Score
- Not specified
- Property Types
- Not specified
- Max Price
- Not specified
Quick Facts
- Loan Types
- Freddie Mac, Fannie Mae, FHA, VA, USDA-RD +1
- Assistance Type
- deferred loan
- Profession
- All
- Homebuyer Ed.
- Yes
Repayment Terms
Deferred Payment - Repayable at sale or refinance
HomeNow
New Mexico Mortgage Finance Authority
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- Not specified
- Min Credit Score
- Not specified
- Property Types
- Single-Family, Townhouse/PUD, Condominium, Manufactured
- Max Price
- $327,000
Quick Facts
- Loan Types
- Freddie Mac, Fannie Mae, FHA, VA, USDA-RD +4
- Assistance Type
- deferred loan
- Profession
- All
- Homebuyer Ed.
- Yes
Repayment Terms
Deferred Payment - Repayment at sale or refinance
HomeForward Second Mortgage Loan
New Mexico Mortgage Finance Authority
Eligibility Snapshot
- First-Time Buyer
- No
- Income Limit
- Not specified
- Min Credit Score
- Not specified
- Property Types
- Single-Family, Townhouse/PUD, Condominium, Manufactured
- Max Price
- $798,581
Quick Facts
- Loan Types
- Freddie Mac, Fannie Mae, FHA, VA, USDA-RD +4, USDA-RD, USDA-RD +1
- Assistance Type
- deferred loan
- Profession
- All
- Homebuyer Ed.
- Not specified
Repayment Terms
Deferred Payment - Repayment at sale or refinance
Chenoa Fund FHA Down Payment Assistance Forgivable
CBC Mortgage Agency (Chenoa Fund)
Eligibility Snapshot
- First-Time Buyer
- No
- Income Limit
- Not specified
- Min Credit Score
- Not specified
- Property Types
- Single-Family, 2 units, Leasehold, Condominium, Townhouse/PUD, Manufactured
- Max Price
- $766,550
Quick Facts
- Loan Types
- FHA
- Assistance Type
- deferred loan
- Profession
- All
- Homebuyer Ed.
- Yes
Chenoa Fund FHA Down Payment Assistance Repayable
CBC Mortgage Agency (Chenoa Fund)
Eligibility Snapshot
- First-Time Buyer
- No
- Income Limit
- Not specified
- Min Credit Score
- Not specified
- Property Types
- Single-Family, 2 units, Leasehold, Condominium, Townhouse/PUD, Manufactured
- Max Price
- $766,550
Quick Facts
- Loan Types
- FHA
- Assistance Type
- deferred loan
- Profession
- All
- Homebuyer Ed.
- Yes
Interest Rate
Note rate 1% above the first mortgage note rate
Repayment Terms
This loan does require a monthly payment on the second mortgage.
Second Mortgages (2)
These programs provide DPA as a second mortgage, sometimes with monthly payments, sometimes deferred.
New Mexico MFA FIRSTDown Program
New Mexico Mortgage Finance Authority (MFA)
Eligibility Snapshot
- First-Time Buyer
- Yes
- Income Limit
- Varies
- Min Credit Score
- 620+
- Property Types
- Not specified
- Max Price
- Not specified
Quick Facts
- Loan Types
- Freddie Mac, Fannie Mae, FHA, VA, USDA-RD +4
- Assistance Type
- second mortgage
- Profession
- all
- Homebuyer Ed.
- Not specified
Interest Rate
0%
Repayment Terms
0% interest; repayment deferred until sale, refinance, or payoff of first mortgage
Additional Requirements
Must use an MFA first mortgage
Notes
First-time homebuyers or repeat buyers in targeted areas. Occupancy requirement: Primary residence
New Mexico MFA HomeForward Program
New Mexico Mortgage Finance Authority (MFA)
Eligibility Snapshot
- First-Time Buyer
- No
- Income Limit
- Income limits apply
- Min Credit Score
- Not specified
- Property Types
- Not specified
- Max Price
- Not specified
Quick Facts
- Loan Types
- Not specified
- Assistance Type
- second mortgage
- Profession
- all
- Homebuyer Ed.
- Not specified
Notes
No first-time homebuyer requirement. Available to repeat buyers.
How to Apply for Down Payment Assistance in New Mexico
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1
Check Your Eligibility
Use our free eligibility tool to see which programs match your situation. Enter your state, city, income, and target home price.
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2
Contact the Program Administrator
Each program has its own application process. Visit the program website or call the administering agency to get started. Many programs work through approved lenders.
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3
Get Pre-Approved with a Participating Lender
Not every lender participates in every DPA program. Work with a lender who is approved for the programs you want. The program administrator can provide a list of approved lenders.
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4
Complete Homebuyer Education (If Required)
Many programs require a HUD-approved homebuyer education course. Online options through eHome America and Framework are accepted by most programs.
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5
Close & Move In
DPA funds are typically disbursed at closing alongside your first mortgage. Your lender coordinates the DPA program paperwork as part of the loan process.
Frequently Asked Questions
How much down payment assistance can I get in New Mexico?
Up to $50,000 through available programs in New Mexico. Multiple programs can often be combined for even more assistance. The exact amount depends on your income, location, and the specific program requirements.
Do I need to be a first-time homebuyer?
Not always. 4 programs in New Mexico are open to repeat buyers. "First-time buyer" is typically defined as not having owned a home in the past three years.
What credit score do I need?
As low as 620 for some programs. Most programs require 620-660. Higher credit scores may qualify you for more programs and better terms.
Can I combine multiple DPA programs?
In many cases, yes. Some programs are specifically designed to be layered with others. For example, you might combine a state grant with a local deferred loan. Check with each program administrator about stacking eligibility.
DPA Programs in Nearby States
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