New Mexico FirstHome and FirstDown Program
Program at a Glance
- Location: New Mexico (statewide)
- Status: Open through MFA-approved lenders
- Maximum benefit: A FirstDown loan worth up to 4% of the sales price
- Who it’s for: First-time buyers (no owned and lived-in home in the past three years) with a credit score of at least 620
- Requirements: Homebuyer counseling; move in within 60 days of closing
- Last verified: November 2026
About the Program
The New Mexico Mortgage Finance Authority's FirstHome loan is for first-time buyers, meaning you haven't owned and lived in a home in the past three years. FirstDown adds a fixed-rate second loan worth up to 4% of the sales price for the down payment and closing costs. You need a credit score of at least 620 (with some exceptions), have to finish homebuyer counseling, and have to move in within 60 days of closing. Income and price limits depend on the county and household size. Both go through MFA-approved lenders. This summary is based on MFA's January 2024 fact sheets, so check the current limits before you rely on it.
Official source: Program details
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