New Mexico down payment assistance, deep-checked against current state program sources.
A current inventory of state-run and state-administered assistance in New Mexico, plus national DPA options. Funding and rate sheets can still change after this review date.
Reviewed September 11, 2026 • Joshua Dobson, NMLS #190260
Quick comparison
| Program | Potential assistance | Published min. FICO | Repayment/Forgiveness | Biggest catch |
|---|---|---|---|---|
| Housing New Mexico FirstDown | Current FirstDown amount per live fact sheet | 620 | Fixed-rate second-mortgage DPA paired with FirstHome | Must be combined with FirstHome; live fact sheet controls current amount/rate. |
| Housing New Mexico FirstDown Plus | Additional DPA amount per current fact sheet | 620 | Third-mortgage DPA used with FirstHome + FirstDown | Cannot be used by itself; requires both FirstHome and FirstDown. |
| Housing New Mexico HomeNow — funding watch | $7,000 standard historical structure; temporary $14,000 tranche was exhausted | 620/program specific | 0% non-amortizing 10-year forgivable second under program rules | Official Housing New Mexico notice says HomeNow funds were depleted; keep as watchlist, not active assistance. |
Housing New Mexico FirstDown
Housing New Mexico FirstDown is a current state-administered homebuyer assistance option. Mortgage Navigator uses the administering agency as the controlling source and avoids filling changing details with stale third-party numbers.
Published minimum FICO: 620
Housing New Mexico FirstDown Plus
Housing New Mexico FirstDown Plus is a current state-administered homebuyer assistance option. Mortgage Navigator uses the administering agency as the controlling source and avoids filling changing details with stale third-party numbers.
Published minimum FICO: 620
Housing New Mexico HomeNow — funding watch
Housing New Mexico HomeNow — funding watch is a current state-administered homebuyer assistance option. Mortgage Navigator uses the administering agency as the controlling source and avoids filling changing details with stale third-party numbers.
Published minimum FICO: 620/program specific
National programs New Mexico buyers should also check
National Homebuyers Fund
NHF multi-state assistance may be available through participating lenders. Current lender/product terms control credit, pricing, assistance and repayment or forgiveness.
Published minimum FICO: product/lender specific
Chenoa Fund
Chenoa Fund provides FHA down-payment assistance through approved lender partners. Current matrices control credit, pricing and second-mortgage terms.
Published minimum FICO: product/lender specific
New Mexico's biggest DPA lesson
New Mexico’s active DPA architecture is FirstDown plus optional FirstDown Plus. HomeNow remains important historically but is explicitly flagged as depleted based on the agency’s official funding notice.
Let Josh compare the available programs.
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