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DOWN PAYMENT PROGRAMS
First time home buyers can receive up to 3.5% for down payment

One aspect of buying a home that can be challenging for a first time home buyer is the down payment.

Typically, a home buyer is required to put down a minimum of 3.5% of the purchase price.

For example, on a $200,000 home, the minimum down payment a home buyer would need to bring to closing is $7,000.

Fortunately for New Mexico residents, the State has a housing program that can provide the down payment behalf of home buyers who qualify. MFA (New Mexico Mortgage Finance Authority) is a public entity that provides mortgage financing to low-income to moderate-income New Mexico residents.

MFA has partnered with mortgage lenders, local Realtors, non-profit organizations, local governments and developers throughout the State to make its programs available to local residents.

Buyers must not have owned and occupied a primary residence for the past three years.

For more information, qualification and income requirements, contact us today.

REAL ESTATE 101

Learn About:
� 203k Rehab Loans
� Down Payment Programs
� Closing Costs
� Home Inspections
� Curb Appeal
� Mortgage Insurance
� Lead-Based Paint
� Home Staging

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