Home Ownership Resources
HOME OWNERSHIP INFORMATION RESOURCES
New Mexico Mortgage Finance Authority
Mortgage Financing | Homebuyer Education | Down Payment Assistance
ADDRESS: 344 Fourth Street SW Albuquerque, NM 87102
Phone #: (505) 843-6880
Website: NM MFA- Housing New Mexico
U.S. Department of Housing and Urban Development (HUD)
Housing Counseling Agency | Homebuyer Education | Homebuying Program Information
Website: HUD - BUYING A HOME
HOME LOAN PROGRAMS
Section 184 Home Loan Guarantee Program
Section 184 is a home mortgage product specifically designed for members of Native American and Alaskan tribes.
With Section 184 financing, borrowers can get into a home with a low down payment and flexible underwriting. Section 184 loans can be used both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.
Section 502 Direct Loan Program
VA Home Loans
The Department of Veterans Affairs (VA) Home Loan program guarantees loans made to eligible Veterans, Servicemembers, Reservists, National Guard members and certain surviving spouses.
VA guarantees a percentage of the loan. This helps the Veteran obtain a no-down payment mortgage at a competitive interest rate that does not require private mortgage insurance.
Website: VA Home Loan Benefits
New Mexico Mortgage Finance Authority Programs
MFA's mortgage programs provide homebuyers with down payment and closing cost assistance as well as competitive interest-rate mortgage loans.
Requirements for all MFA mortgage programs include:
- A minimum credit score of 620
- Home buyers must receive pre-purchase homebuyer counseling
- Borrowers must contribute at least $500 from their own funds
FirstHome and FirstDown
A mortgage loan for individuals or families who have not owned a home in the past three years. It may be used with MFA's down payment assistance program, FirstDown, or as a stand-alone first mortgage.
A down payment and closing cost second mortgage loan that is available to available to first time homebuyers who have lower household incomes. The loan has a zero percent interest rate and may be forgiven after 10 years if certain conditions are met.
Contact: (505) 843-6880
Website: MFA - Mortgage Programs