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

Desert

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. 

Contact: 1-800-561-5913

Website: HUD - Section 184 Indian Home Loan Guarantee Program  


Section 502 Direct Loan Program

Single family home loan program assisting low and very low income applicants obtain decent, safe and sanitary housing in eligable rural areas by providing payment assistance to increase an applicant's repayment ability. 

Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.  This program is not eligible for properties within Farmington city limits.

Contact: (505) 334-3090     Contact Name: Valorie LaMotte

Website: USDA - 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. 

Contact: 1-877-827-3702

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. 

HomeNow

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