In order to encourage more people to enter the real estate market, first-time homebuyers in New Mexico have access to unique programs, tax breaks, and lower down payment requirements than conventional loans. Even borrowers who have owned a home in the past may still be eligible for these programs. All the programs are designed to make it easier for first-time homebuyers to afford purchasing a house.
First-time home buyer quick view
- First-time homebuyer program opportunities vary by state
- May have access to down payment and closing cost assistance
- 0% down payment loan options may be available
- Low credit score options available
- Simple & secure online application
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Home loan options for first-time home buyers
- Conventional loan - 3% down payment minimum and no private mortgage insurance with 20% equity in home
- FHA loan - Lower down payment requirements and flexible credit requirements
- VA loan - No down payment loan for former and current military members and spouses
- USDA loan - No down payment loan for properties in rural areas
- Construction loan - one-time land and construction loan to build a new home
- Renovation loan - For buying and renovating a fixer-upper home
- State and local first-time homebuyer program - Assistance for residents
Which loan do you qualify for?
For each loan type, you’ll want to weigh the pros and cons. It’s best to start by speaking with a loan officer licensed to assist borrowers in finding and applying for home loans. They will be able to tell you whether you qualify for first-time homebuyer loan programs. Your local Mann Mortgage loan officer is an expert in your real estate market and will help you select the first-time homebuyer loan that is best for your needs, location, and financial goals.
If you’re interested in building a home in Las Cruces or accross New Mexico, Mann Mortgage can help you make it happen. Please contact us today or apply online in less than 10 minutes using the secure online application below.