First-time buyers moving to New Mexico will find diversity everywhere in the “Land of Enchantment”. With lush greenery in the north, desert vistas in the south, and mountains and skiing in-between, New Mexico residents experience the four seasons and have plenty of opportunities to enjoy outdoor activities. Entertainment options abound as well, from Albuquerque’s International Hot Air Balloon Fiesta to the many art festivals in Santa Fe to everything ‘alien’ in Roswell. Just be careful when it comes to taking sides when it comes to chiles, as New Mexicans take this particular food very seriously.
Why People Want To Move To New Mexico
Along with the diversity in culture, scenery and weather, New Mexico offers much in the way of employment options. Two of the state’s largest employers are Intel and the National Laboratory in Los Alamos, but New Mexico is also known for its military bases and mining, oil and natural gas industries. With an affordable cost of living, beautiful scenery and home values increasing almost 6% year over year, it’s no wonder first-time buyers are looking to make New Mexico their new home.
2017 First Time Buyer Programs & Loan Pre-Approval In New Mexico
Looking for a buyer program specific to NM? If, you’re confused about your options give us a call at 800-348-1160.
USDA – 100% financing and 0% down payment
- Property must be located in an eligible area. Check property eligibility.
- Income restrictions do apply. These are determined by county.
- Loan Purpose:Purchase or Limited cash-out rate and term refinance
- Occupancy is 1-4 units Principal Residence.
- Loan to Value up to 97%
- NO First Time home-buyer requirement
- Adjustable rate and Fixed rate options available.
- No Income Limits in low-income census tracts
- 100% AMI (area medium income) census tracts or designated disaster areas
- 80% of AMI in other tracts. Use this link to see your eligible AMI https://www.fanniemae.com/
- Occupant may not have an ownership interest in any other property at the time of closing
- Non -Occupant borrowers are permitted at max 95% LTV, income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower
- Standard debt to income is 45%, in certain cases up to 50%
- Home Ownership education is required and certificate must be retained in the mortgage file.
GOOD NEIGHBOR NEXT DOOR – These homes are 50% off
- Police Officers, Firefighters, Teachers, and Emergency Technicians are eligible
- Find Eligible Homes Here.
100% GIFT FOR DOWN PAYMENT
- Can be Conventional or FHA Loan
- Gift can come from a family member, church, employer, etc..
FHA – 3.5% down payment required
- The most common loan for a first time home buyer
- The whole down payment can be from a gift
- Flexible underwriting guidelines
- The seller can pay your closing costs up to 6%
- Non Occupant Co signers are allowed
- Check single family, condo, and 2-4 unit property loan limits
Are you a first time buyer? It doesn’t matter if you’re in New Mexico, Colorado or Utah we can help you get pre-approved!