New Mexico First-Time Homebuyer · Clovis & Portales
New Mexico first-time home buyer programsHelp with down payment & closing costs.
Housing New Mexico | New Mexico Mortgage Finance Authority (MFA) offers homebuyer programs for eligible buyers across the state. I'm a Housing New Mexico participating lender and Rural Platinum Lender (2023–2026) and I'll help you see which program, if any, fits.
Good to know
- Programs are available only through Housing New Mexico-approved participating lenders
- Minimum credit score of 620 and pre-purchase homebuyer counseling required
- Income and purchase price limits apply, by county and household size
Program details are subject to change. Verify with Housing New Mexico | MFA.
Programs at a glance
Housing New Mexico mortgage programs
Summaries below are based on Housing New Mexico's mortgage programs page and program fact sheets. Always confirm details with Housing New Mexico | MFA.
| Program | What it is | Key facts |
|---|---|---|
| FirstHome | A first mortgage for first-time New Mexico homebuyers with low to moderate incomes. Can be used on its own or with FirstDown. | Min. credit score 620; counseling required; occupy as primary residence within 60 days of closing; single-family residences only (fact sheet) |
| FirstDown | A fixed-rate second mortgage that provides down payment and closing cost assistance. Must be combined with FirstHome. | Housing New Mexico's fact sheet says up to 4% of the home sales price (fact sheet) |
| FirstDown Plus | A third-mortgage down payment assistance loan used with FirstHome and either FirstDown or HomeNow. | Fixed $10,000 amortizing loan at 0.00% for 15 years per the fact sheet; funds limited, first-come first-served; combined assistance cannot exceed $35,000 (fact sheet) |
| HomeNow | A down payment and closing cost second mortgage for first-time buyers with lower household incomes. | 0% interest; may be forgiven after 10 years if conditions are met; fixed $7,000 per the fact sheet; at or below 80% of area median income (fact sheet) |
| HomeForward & HomeForward DPA | A mortgage for people who have owned a home in the past three years or who don't qualify for FirstHome. Can be used with Housing New Mexico's down payment assistance or on its own. | First mortgage fact sheet · DPA fact sheet |
| NewHome Rate Advantage | A permanent mortgage interest rate reduction for newly constructed homes under HomeForward. | Fact sheet |
| New Homes for New Mexico | Down payment assistance for newly constructed homes, accessed through eligible builders. | Fact sheet |
| Targeted Areas | Homes in designated census tracts qualify for higher income and purchase price limits and a lower rate. Borrowers don't have to be first-time buyers but must use FirstHome. | Housing New Mexico lists Curry County among counties with targeted tracts. Ask me to check an address. (Targeted areas) |
| Manufactured & Tribal financing | Programs can be used with standard loan types to finance qualifying manufactured homes; tribal home financing is available to eligible enrolled members of federally recognized tribes. | See program details |
Local limits
Income and purchase price limits for Clovis & Portales
Clovis and Cannon AFB are in Curry County. Portales is in Roosevelt County. Housing New Mexico lists Roosevelt County under “All Other Areas and Counties” for FirstHome and FirstDown.
| Limit (gross annual household income unless noted) | Curry County (Clovis, Cannon AFB) | Roosevelt County (Portales) |
|---|---|---|
| FirstHome / FirstDown income, 1–2 person household | $94,800 | $89,000 |
| FirstHome / FirstDown income, 3+ person household | $110,600 | $102,350 |
| FirstHome / FirstDown purchase price limit | $566,354 | $566,354 |
| HomeForward income, 1–4 person / 5+ person | $133,500 / $144,300 | $133,500 / $144,300 |
| HomeForward purchase price limit | $629,283 | $629,283 |
| HomeNow income, 1 / 2 / 3 / 4 / 5 person | $44,250 / $50,600 / $56,900 / $63,200 / $68,300 | $40,850 / $46,650 / $52,500 / $58,300 / $63,000 |
| HomeNow purchase price limit, existing / new home | $228,000 / $300,000 | $228,000 / $300,000 |
Dollar figures above are limits published by Housing New Mexico and are not loan offers or Loan Estimates. See the official page for larger households and other counties.
Your roadmap
How I help you use a New Mexico program
Talk with me
We review your income, credit, household size and the county you're shopping in.
Take homebuyer education
Complete a course through an approved provider, online or in person.
Choose a program & loan
I'll compare FirstHome, HomeForward and your VA, FHA or conventional options.
Shop, reserve & close
Find your home, I'll handle the program paperwork with Housing New Mexico, and we close.
First-time homebuyer calculator
Estimate your payment
Compare FHA, VA and conventional estimates, with an optional second assistance loan to test what-if scenarios.
First-Time Homebuyer Payment Calculator
Estimate only. Enter your own rate.- Principal & interest—
- Second loan payment$0
- Property taxes$0
- Homeowners insurance$0
- HOA$0
- Mortgage insurance$0
- Loan amount—
- Fee$0
- Down payment—
- Loan-to-value—
This calculator provides estimates for educational purposes only. It is not a loan offer, rate quote, Loan Estimate, pre-qualification, or commitment to lend. It uses only the interest rate and other figures you enter; no rate is quoted by this tool. Your actual payment will differ based on your credit, the property, taxes, insurance, loan program rules and other factors. All loans are subject to credit approval. Programs, rates, terms, and conditions are subject to change without notice. Other restrictions apply.
Sources: FHA premiums per HUD Mortgagee Letter 2023-05 (upfront MIP 1.75%; conforming-limit tier $832,750 for 2026 per HUD ML 2025-23); VA funding fee per the VA funding fee rate charts (effective April 7, 2023; purchase loans; first use / after first use / exempt); conventional PMI is an estimate from the annual rate you enter. The 3.5% FHA minimum down payment applies to credit scores of 580 or higher. VA loans do not require monthly mortgage insurance. Housing New Mexico | MFA programs, assistance amounts, rates, limits and eligibility are set by Housing New Mexico and are subject to change; the optional second-loan fields are for your own what-if estimates and do not represent any specific program's terms. Verify with Housing New Mexico | MFA. Not endorsed by or affiliated with HUD, VA, or Housing New Mexico | MFA.
Good to know
About the recapture tax
If you buy with FirstHome, federal rules may require you to pay a portion of your profit to the IRS if all of these apply: you sell at a net profit, you sell within the first nine years, and your household income has increased by more than 5 percent per year. The amount is capped. Housing New Mexico recommends consulting a tax professional. Read the official explanation.
Official resources
- Housing New Mexico: Resources for Homebuyers
- Getting started guides
- Homebuyer education
- Find a participating lender
- Homebuyer FAQs
Housing New Mexico | MFA, 7425 Jefferson St NE, Albuquerque, NM 87109 · 505-843-6880 · Homeownership: 505-843-6881.
Questions
New Mexico first-time homebuyer FAQs
Do I have to be a first-time homebuyer to use Housing New Mexico programs?
FirstHome, FirstDown and HomeNow are for first-time homebuyers, which Housing New Mexico defines as buyers who haven't owned and occupied a home as their primary residence in the past three years. HomeForward is for people who have owned a home in the past three years or who don't qualify for FirstHome. Homes in designated targeted areas can waive the first-time buyer requirement when you use FirstHome.
What credit score and education are required?
Housing New Mexico lists a minimum credit score of 620, and all homebuyers must receive pre-purchase homebuyer counseling (online through eHome America or through a HUD-approved counseling agency). See the homebuyer education page.
Can I use these programs with a VA or FHA loan?
According to Housing New Mexico's fact sheets, FirstHome can be used with FHA, VA, USDA, HFA Advantage and HFA Preferred conventional loans, and FirstDown can be combined with FirstHome. I'll help you evaluate which first mortgage works best with your situation.
Are there income and purchase price limits?
Yes. Limits vary by county and household size, and they change. The table above shows the limits for Curry and Roosevelt counties as listed by Housing New Mexico on the date shown. Please verify the current limits on their site before relying on them.
What is the recapture tax?
If you buy with Housing New Mexico's FirstHome program, you may owe the IRS a portion of your profit if you sell within nine years, your household income grew by more than 5 percent per year, and you sell at a net profit. Federal rules cap the amount. Housing New Mexico recommends consulting a tax professional; read their recapture tax page.
Is Dustin a Housing New Mexico participating lender?
Yes. Housing New Mexico lists Dustin Caroland (NMLS #2175597, Neighborhood Loans, Inc.) on its participating lender list as a Rural Platinum Lender. FirstHome and related programs are available only through approved participating lenders.
Program details are subject to change; verify with Housing New Mexico | MFA. This page summarizes information published by Housing New Mexico | MFA and is not affiliated with or endorsed by Housing New Mexico | MFA. Neighborhood Loans and Dustin Caroland do not set program rules. All loans are subject to credit approval. Not a commitment to lend.
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Ready to see if a New Mexico program fits?
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Dustin Caroland, NMLS #2175597 · Neighborhood Loans, Inc. NMLS #222982. Equal Housing Lender.