New Mexico first time home buyer grants, find the best list of programs or grants possible for home buying in New Mexico below. There are also other grants listed.
You want to buy a house! That is wonderful.
Buying a house in any state will be one of the biggest purchases you'll every make. But it is so worth it.
Sometimes, it can feel overwhelming with all the money you need in the beginning.
But don't let that worry you. I have some useful information about grants that can help you with this exciting adventure.
The State of New Mexico no longer offers a New Mexico first time home buyer grant program for its residents. But it does have some programs that can become like a grant.
One of these awesome options to help the with down payment and closing costs are the "HomeNow" program that is a zero percent loan that doesn't have to be paid back until you either sell or refinance, or transfer ownership of the home. But if you stay in the home for a minimum and 10 years, the loan can be forgiven! Doesn't that appear to become a grant! Restrictions do apply so do your homework.
There is also a "FirstDown Program." This is an assistance program for first time home buyers to help with the down payment and closing costs. It is actually a low interest 2nd mortgage and must be used with the FirstHome program. There are some limitations involved. But if you qualify, this is a cool program to use.
Another one is called the "NextDown" program. It too is a zero percent loan to be used for the down payment and closing costs. It too doesn't require monthly payments. But if you sell, refinance or transfer ownership, then it must be paid.
The NextDown program can be forgiven 20% each year after you have been in the home 11 years. Then totally forgiven after the 15th year. It must be used with the NextHome program. This program can become like a grant as well!
Even though these are not grants. They can be very helpful when you don't have that needed down payment. There are limits and restrictions you will need to check out before you apply.
To find out if you are eligible, click here to visit their website.
However, the good news is that the federal government does offer grant assistance for residents in New Mexico. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
No matter whether you are applying for a grant or some form of down payment assistance, be patient. These program take time to go through the whole process. While waiting you may want to start saving.
The loan product that seems to be the most versatile is the FHA loan products.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Otherwise, you may want to look at programs that have low down payment requirements.
So have you found a home? Are you thinking about getting qualified for a mortgage? Maybe you want to visit our page on how to qualify for a mortgage.
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.
Would you like to know what type of loans are available? Visit our Home Mortgage Information page for tons of information on all kinds of loans. Learn about FHA, VA, and various other types of options.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing. Click here for additional information on New Mexico First Time Home Buyer Grants. This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!
Happy House Hunting!
Go to House Buyer Solutions Home Page.
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