FirstDown and NextHome are two of the most impactful homebuyer assistance programs offered by the New Mexico Mortgage Finance Authority (MFA). These initiatives are tailored to help first-time and repeat homebuyers in New Mexico gain access to affordable mortgage loans and down payment assistance, making the dream of homeownership a reality across the Land of Enchantment.
💡 What Are FirstDown and NextHome?
FirstDown is designed specifically for first-time homebuyers. It provides a second mortgage loan of up to $8,000 that is fully forgiven after 10 years of ownership, as long as the borrower continues to occupy the property as their primary residence. The program must be paired with an MFA-approved first mortgage loan.
NextHome expands the opportunity by serving both first-time and repeat homebuyers. It provides up to 3% of the loan amount in assistance, which can be applied toward down payment and closing costs. This is delivered as a 0% interest, non-amortizing second mortgage that is forgiven after a set period of occupancy.
✨ Key Benefits of FirstDown & NextHome
- Forgivable second mortgage assistance
- Up to 3% of the loan amount through NextHome
- Up to $8,000 with FirstDown
- Use with FHA, VA, USDA, and Conventional loans
- Fixed-rate first mortgage options
- Available statewide across New Mexico
🧭 Who Is Eligible for These Programs?
Applicants must meet a few basic requirements to qualify:
- Minimum credit score of 620 (may vary based on loan type)
- Meet income and purchase price limits established by MFA
- Occupy the property as their primary residence
- Complete a homebuyer education course from an approved provider
- Apply through an MFA-approved lender
📋 How to Apply for FirstDown or NextHome
The application process is straightforward and consumer-friendly:
- Find a participating lender from the MFA’s approved list
- Submit financial documentation and get pre-qualified
- Complete an approved homebuyer education course
- Work with the lender to apply for a first mortgage and assistance program
👉 Visit the Official MFA Homebuyer Page
🔗 Explore New Mexico Housing Resources
- 🏡 New Mexico Public Housing
- 📊 How To Apply For Section 8 in New Mexico
- 📌 Housing Choice Voucher New Mexico
- 📝 New Mexico First Time Homebuyer
- 💵 Down Payment Assistance Programs In New Mexico
📣 Why Choose FirstDown or NextHome?
FirstDown and NextHome eliminate a major barrier to homeownership—saving for a large down payment. For many families, especially those with good income but limited savings, these programs offer a life-changing solution. Whether you’re upgrading to a larger home or buying for the first time, these options provide unmatched flexibility and financial relief.
Plus, borrowers benefit from low interest rates, no monthly payments on the second mortgage, and the peace of mind of knowing their assistance is forgivable. This combination of features is rare among housing support programs nationwide.
🌍 Support Across New Mexico Communities
These programs are especially helpful in areas where home prices are rising, such as Albuquerque, Las Cruces, Santa Fe, and Rio Rancho. However, they are available in all counties, meaning you can apply whether you live in a rural, suburban, or urban area.
🎯 Long-Term Benefits of Homeownership
Homeownership is a key driver of financial stability and generational wealth. By reducing upfront costs, FirstDown and NextHome help individuals start their homeownership journey sooner and with less risk. With fixed monthly payments and no hidden fees, these programs set buyers up for long-term success.
The FirstDown & NextHome programs from the New Mexico MFA are essential tools for anyone serious about buying a home in the state. With low-interest mortgage options, forgivable assistance, and wide accessibility, they offer unmatched value to New Mexico residents.
If you’re ready to own a home in New Mexico, there’s no better place to start than with the help of MFA’s FirstDown or NextHome.