Down Payment Assistance Programs
Understanding homeownership support in New Mexico
In New Mexico, many buyers can comfortably afford a monthly mortgage but find upfront costs (like the down payment and closing costs) to be the biggest hurdle.
Down payment assistance (DPA) programs are designed to help bridge that gap. Options vary across the state, with some available statewide and others limited to specific counties or communities.
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Housing New Mexico FirstHome
Primarily for first-time buyers in New Mexico. This program helps with the first mortgage.
Housing New Mexico
FirstDown
Assistance designed for first-time buyers needing additional leverage. Helps manage the down payment and closing costs.
PRMI Empower 5%
Provides a substantial 5% boost toward your home purchase. Open to various buyer profiles to significantly reduce out-of-pocket costs at closing.
Lakeview Springboard DPA
Works with conventional and government loans to support down payments and closing costs. Ideal for moderate-income buyers seeking clear path to ownership.
Learn About The Programs
The right program depends on your goals, qualifications and where you plan to buy.
Here are some options that could work for you:
Essex DPA
Reliable assistance for bridge-to-ownership financing. Straightforward rules apply for both new and repeat New Mexico homebuyers.
Housing New Mexico
HomeForward
A reliable path for either first-time or repeat buyers seeking assistance. It provides meaningful coverage for initial home purchase costs based on eligibility.
Housing New Mexico
FirstDown Plus
Extended support for first-time buyers with higher upfront financial needs. Focuses on down payment.
PRMI Welcome Home 3.5%
A flexible 3.5% assistance option for first-time or repeat owners. Helps cover the standard down payment required for many loan types.
Chenoa DPA
A national program for FHA loans that can cover the full 3.5% down payment. Available for first-time and repeat buyers with standard credit standards.