FIRSThome

The New Mexico Mortgage Finance Authority’s (MFA) FIRSThome program helps first-time homebuyers with low- to moderate-income. The first mortgage program can be used to finance any single-home property and can be used in conjunction with either of MFA’s down payment assistance second mortgage loan programs, FIRSTDown or HOMENow.  
 
Eligibility Requirements
MFA’s FIRSThome program is exclusively for first-time homebuyers; applicants who have owned a home in the last three years are not eligible. Borrowers must contribute $500 from their own funds, and this contribution cannot be in the form of a gift, grant, or down payment assistance. The MFA also requires that all borrowers have a minimum credit score of 620 and receive pre-purchase counseling through MFA's online program, eHome American, or through an approved counseling agency. Their annual household income must fall under the set limits shown below.
 
Property Requirements
Any home bought with funds from the FIRSThome program must serve as the borrower’s primary residence and buyers must occupy the property as their primary residence within 60 days of closing. The property purchased must fall within the following purchase price limits:

Santa Fe County: $331,205
Los Alamos County: $369,501
All other areas and counties of the State: $283,349
 
Income Limits
Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia)
1 or 2-person household: $66,624
3 or more-person household: $76,618

Santa Fe MSA
1 or 2-person household: $78,596
3 or more-person household: $90,386

Farmington MSA (San Juan)
1 or 2-person household: $67,800
3 or more-person household: $77,970

Los Alamos County
1 or 2-person household: $135,500
3 or more-person household: $155,825

Otero County
1 or 2-person household: $68,204
3 or more-person household: $78,435

Lincoln, Grant and De Baca Counties
1 or 2-person household: $63,600
3 or more-person household: $74,200

Curry and Catron Counties
1 or 2-person household: $61,440
3 or more-person household: $71,680

Eddy County
1 or 2-person household: $72,700
3 or more-person household: $83,605

Lea County
1 or 2-person household: $66,584
3 or more-person household: $76,572

Union County
1 or 2-person household: $64,800
3 or more-person household: $75,600

Chaves and Harding Counties
1 or 2-person household: $62,760
3 or more-person household: $73,220

Las Cruces MSA (Dona Ana)
1 or 2-person household: $60,960
3 or more-person household: $71,120

All Other Areas and Counties of the State
1 or 2-person household: $60,400
3 or more-person household: $69,460

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.