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FirstHome and FirstDown Programs

A home loan for first-time homebuyers is defined as someone who has not owned a property in the last three years. May be used with MFA’s down payment assistance program, FirstDown, or as a stand-alone first mortgage. Read more

Income and Purchase Price Limits

FirstHome Program

FirstHome is MFA’s first mortgage loan program that is available to first-time New Mexico homebuyers who have low and moderate incomes. FirstHome can be used in conjunction with MFA’s down payment assistance second mortgage loan program, FirstDown.

Quick Facts

• Exclusively for first-time homebuyers
• Use to finance any single-family property
• Requires a $500 contribution from the homebuyer’s own funds
• A minimum credit score of 620 is required
• Buyers must receive pre-purchase homebuyer counseling
• Works with FHA, VA, USDA, and HFA Preferred Conventional mortgage loan
• Use as a stand-alone first mortgage loan or combine with down payment assistance second mortgage loan

FirstDown Program

FirstDown provides down payment and closing cost assistance to first-time homebuyers who are purchasing a home in New Mexico. FirstDown must be combined with the FirstHome program. FirstDown has the same credit score, and property and homebuyer counseling requirements as FirstHome. A list of those requirements is located on the FirstHome factsheet.

Quick Facts

• Exclusively for first-time homebuyers
• Up to $8,000 to assist with down payment and closing costs
• Subject to the same buyer requirements as the FirstHome program
• No minimum loan amount
• Works with FHA, VA, USDA, and HFA Preferred Conventional mortgage loans

HomeNow Program

A no-interest, forgivable second mortgage loan that is available to low-income first-time homebuyers to be used for the down payment and closing costs. Read more

Quick Facts

• Provides 8% of the sales price up to $8,000 to help cover the down payment and closing costs
• Must be used with MFA’s FirstHome program
• Available to borrowers at or below 80% of the area median income
• $500 must come from the homebuyer’s own funds
• No monthly payment required
• Can be forgiven after 10 years if conditions are met

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