New Mexico - Government Backed Loans

The New Mexico Mortgage Finance Authority's mission is to house New Mexico's people by serving as the State's lead affordable housing finance and resources provider, engaging in self-sustaining practices, and promoting sound housing policy.

Purchase Programs

Mortgage$aver

Mortgage$aver offers below market interest rates or closing cost assistance to first-time homebuyers. This assistance is available through FHA, VA and other conventional first home loans. These are all 30-year, fixed-rate mortgage loans.

Continue reading about the MortgageSaver Program.

Mortgage$aver Plus

The Mortgage$aver Plus program offers a slightly higher interest rate than the 30-year, fixed market rate, but does not require an origination or discount fee. It also provides homebuyers with a 3% down payment grant, which can be used to finance an interest rate buydown.

Continue reading about Morgage$aver Plus.

HERO

The HERO program is designed to provide safety workers, health care workers, educators or active members of the armed forces with first and second mortgages which can be used to purchase and finance a downpayment and closing costs. The first mortgage is a 30-year fixed-rate loan, and the second is also a 30-year, fixed-rate loan at the same interest rate as the first.

Continue reading about the HERO program.

Payment$aver

The Payment$aver program offers first-time homebuyers a below market, fixed-rate first mortgage and an interest-free second mortgage to use toward a downpayment and closing costs. An interest-rate buydown is also available in order to assist with the principal balance and therefore lower the monthly payments.

Continue reading about the Payment$aver Program.

Mortgage Booster

The Mortgage Booster program works as a second mortgage to use in conjunction with the Mortgage$aver loan and assist in a down payment and closing costs. This is a 30-year, fixed-rate loan 0.5% higher than the Mortgage$aver rate.

Continue reading about the Mortgage Booster Program.

Helping Hand

Helping Hand provides down payment and closing cost assistance for low-income homebuyers who are in a household wherein at least 1 member has an ADA disability. This interest-free loan is available in the amount of $8, 000. Helping Hand is to be used in conjunction with a first mortgage, and may assist in reducing monthly mortgage payments through an interest-rate buydown.

Continue reading about the Helping Hand Program.