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 purchasing or refinancing a home in Las Cruces or accross New Mexico, I can help you make it happen. Please contact me today or apply online in less than 10 minutes using the secure online application below.