New Homes for New Mexico Notice of Funding Availability
New Homes for New Mexico funds builders to create affordable, newly constructed homes for first-time buyers, expanding access to homeownership statewide through the New Mexico Mortgage Finance Authority.
Funder: New Mexico Mortgage Finance Authority
Due Dates: June 17, 2027 (application window open for 12 months or until funds exhausted)
Funding Amounts: Up to $1,000,000 per builder per reservation; $50,000 per home ($75,000 in Los Alamos, Santa Fe, and Taos counties); zero-interest, no monthly payments.
Summary: Provides down payment assistance funding to eligible home builders for selling new affordable homes to first-time buyers in New Mexico.
Key Information: Only licensed home builders may apply; individual homebuyers are not eligible to apply directly.
Description
This program aims to increase the supply of affordable, newly constructed starter homes in New Mexico by providing down payment assistance (DPA) loans to first-time homebuyers through eligible builders. Builders apply for reservations of DPA funds, which are then used to support the sale of new homes to qualified buyers in partnership with Housing New Mexico-approved mortgage lenders. The program is governed by the requirements of House Bill 200 and Housing New Mexico's established rules, focusing on expanding access to affordable homeownership statewide.
