Hero Program

Hero Program The Hero Program is a 30 year, fixed rate loan paired with a New Mexico down payment assistance grant. The HERO Program is not exclusive to first time home buyers. To qualify a New Mexico borrower needs to have a credit score of at least 620 and be affiliated with the following industries: teacher, safety worker, health care, active member of the armed forces.

Mortgage Booster Program

Mortgage Booster Program This New Mexico down payment program is a second mortgage loan up to $8,000 that provides New Mexico down payment and closing cost assistance to low to moderate income first time New Mexico borrowers. The Mortgage Booster must be used in conjunction with the Mortgage$aver or Mortgage$aver Zero programs. You must be able to qualify for the Mortgage$aver first mortgage loan to receive a Mortgage Booster loan.

New Mexico Down Payment Assistance Programs

Buying a Home with New Hampshire Down Payment Assistance Programs

New Mexico down payment assistance programs
New Mexico down payment assistance programs

The greatest stumbling block to owning a home is often raising the down payment required by various money lending institutions. A number of local municipalities and state governments offer grant programs for citizens for many reasons to address various needs, including offering first time home buyers down payment assistance. In New Mexico, the Mortgage Finance Authority (MFA) programs help citizens get into their homes with very little down payment. The amounts vary depending on which one an individual qualifies for. Here are some of the available New Mexico down payment assistance programs.

The Hero Program – this is a special MFA first program which includes a 3% down payment assistance grant given to low and moderate income home buyers in specific occupations. These occupations include teachers, active members of the armed forces, safety workers and healthcare workers. Therefore, citizens who are not in these professional fields are not eligible for the program. The Hero Program has its limitations though, including the fact that it limits one on the purchase price of the home.

The mortgage $aver programs – this program offers first time home buyers mortgage loans with competitive interest rates. Under this category are mortgage $aver extra, mortgage $aver plus, mortgage $aver, mortgage $aver extra and mortgage $aver green. The eligibility for these programs depend on family size, sales price of the home and the household income. All of these offer affordable and safe loans of up to 30 year fixed rate terms.

Rural New Mexico – this program ensures that every home buyer in the whole of New Mexico access the assistance and information they need to acquire homes. Their specialists are realtors and lenders who help to provide information and services to the rural home buyers. These rural specialists are found in various regions in New Mexico and buyers may contact them for financial assistance and other related requirements at their various offices.

Below is a list of New Mexico Down Payment Assistance Programs: