Complete information regarding first time home buyer programs available to residents, including program amounts, links to applications, and contact info.

1. 2015 First Time Home Buyer Programs for New Mexico
Helping Hand Program
Helping Hand is a down payment and closing cost assistance program geared to low income families with a
disabled family member. The program provides a zero percent interest loan of $8,000 with a lenient payment
regimen monthly payments are not required. Qualified buyers in New Mexico may apply.
The Mortgage$aver Plus
Perhaps the most desirable of the three options, the Mortgage$aver Plus loan has no origination fees and offers a
grant of 3.5 percent of the total loan amount for down payment, closing costs, and other prepaid expenses.
Borrowers won’t have to pay this loan back since it is sourced from a grant. Qualified buyers in New Mexico may
USDA Rural Development Loan
The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property.
The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620.
Seller can pay 6% of purchase price toward buyers closing closing costs.
The Mortgage$aver Zero
Although the Mortgage$aver Zero program does feature slightly higher interest rates that Mortgage$aver, there
are no origination fees owed. Qualified buyers in New Mexico may apply.
VA Loan
Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air
Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down
or down payment required or private mortgage insurance. There is a 620 minimum credit score.
Mortgage$aver Programs (3)
The Mortgage$aver loan programs are set up as 30 year, fixed rate mortgages. A borrower’s monthly income,
expenses, employment, and credit history are used to determine which Mortgage$aver loan will help borrowers
most effectively. Leann Kemp of the New Mexico Mortgage Finance Authority explained that, For as little as $500
income qualified borrowers can own their own home. Qualified buyers in New Mexico may apply.
Mortgage$aver
The standard version of New Mexico’s first time homebuyer programs, Mortgage$aver features the lowest rate of
all Mortgage$aver programs. Stipulations of the program are: a borrower must pay a 1 percent origination fee and
1 percent discount point. Qualified buyers in New Mexico may apply.
Hero Program
The Hero Program is a 30 year, fixed rate loan paired with a down payment assistance grant. The HERO Program is
not exclusive to first time homebuyers. In order to qualify a 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. Qualified buyers in New Mexico may apply.
FHA Loan
The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down
payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price
toward buyers closing.

2. Mortgage Booster Program
Mortgage Booster Program is a second mortgage loan up to $8,000 that provides down payment and closing cost
assistance to low to moderate income first time borrowers. The Mortgage Booster must be used in conjunction
with the Mortgage$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. Qualified buyers in New Mexico may apply.
To apply visit http://buyerprograms.net/New-Mexico