The NEXTHome program offers a combined first and second mortgage loan to qualified individuals.
The second mortgage is for down payment assistance of as much as 3% of the first mortgage. This second mortgage has no monthly payment and can be forgiven if certain requirements are completed.
This program is meant to help low-and-moderate income households purchase single-family homes. Houses that have been purchased using NEXTHome must be occupied by the applicants as their primary residences within 60 days after closing.
In order to qualify, applicants cannot have a credit score lower than 620, and must be able to put down at least $500 towards the purchase from their own assets. This $500 cannot come from a gift, grant, or a different type of down payment assistance.
Applicants must be working with a participating lender to utilize this program.
As of 2020, the annual household income limit for this program is $91,000, and the purchase price limit is $340,000.
Other programs in New Mexico: