Home Ownership Resources


New Mexico Mortgage Finance Authority

Mortgage Financing  |  Homebuyer Education  |  Down Payment Assistance 

Address: 344 Fourth Street SW Albuquerque, NM 87102  Phone #: (505) 843-6880

Website: NM MFA- Housing New Mexico

U.S. Department of Housing and Urban Development (HUD)

Housing Counseling Agency  |  Homebuyer Education  |  Homebuying Program Information 


New Mexico Home Fund 

Homeowner Assistance  |  Renter Assistance

WebsiteNM - Home Fund


Section 184 Home Loan Guarantee Program

Section 184 is a home mortgage product specifically designed for members of Native American and Alaskan tribes. 

With Section 184 financing, borrowers can get into a home with a low down payment and flexible underwriting. Section 184 loans can be used both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance. 

Contact: 1-800-561-5913     Website: HUD - Section 184 Indian Home Loan Guarantee Program  

Section 502 Direct Loan Program

Single family home loan program assisting low and very low income applicants obtain decent, safe and sanitary housing in eligable rural areas by providing payment assistance to increase an applicant's repayment ability. 

Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.  This program is not eligible for properties within Farmington city limits.

Contact: (505) 334-3090     Website: USDA - Section 502 Direct Loan Program 

VA Home Loans

The Department of Veterans Affairs (VA) Home Loan program guarantees loans made to eligible Veterans, Servicemembers, Reservists, National Guard members and certain surviving spouses. 

VA guarantees a percentage of the loan. This helps the Veteran obtain a no-down payment mortgage at a competitive interest rate that does not require private mortgage insurance. 

Contact: 1-877-827-3702    Website: VA Home Loan Benefits

New Mexico Mortgage Finance Authority Programs

MFA's mortgage programs provide homebuyers with down payment and closing cost assistance as well as competitive interest-rate mortgage loans. 

Contact(505) 843-6880     Website: MFA - Mortgage Programs

Requirements for all MFA mortgage programs include:

  1. A minimum credit score of 620
  2. Home buyers must receive pre-purchase homebuyer counseling
  3. Borrowers must contribute at least $500 from their own funds

FirstHome and FirstDown

A mortgage loan for individuals or families who have not owned a home in the past three years. It may be used with MFA's down payment assistance program, FirstDown, or as a stand-alone first mortgage. 


A down payment and closing cost second mortgage loan that is available to available to first time homebuyers who have lower household incomes. The loan has a zero percent interest rate and may be forgiven after 10 years if certain conditions are met.


Typical Costs Included: 

  1. Principal: This is the amount you borrowed from the lender. 
  2. Interest: This is what the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. 
  3. Property Taxes: Local authorities assess an annual tax on your property. If you have an escrow account, you pay about one-twelfth of your annual tax bill with each monthly mortgage payment. 
  4. Homeowners Insurance: Your insurance policy can cover damage and financial losses from fire, storms, theft, and other hazards. As with property taxes, you pay one-twelfth of your annual insurance premium each month, and your lender or servicer pays the premium when its due. 
  5. Mortgage Insurance (PMI): An amount added to your monthly payment if your down payment is less than 20% of the home's purchase price. 



Predatory lending involves engaging in deception or fraud, manipulation of the borrower through aggressive sales tactics, or taking unfair advantage of a borrower's lack of understanding loan terms. Learn more about predatory lending and what you can do to combat these practices. 

How to Avoid Predatory Lending: A Practical Guide

Common types of predatory lending and how to avoid them: DEED STREET CAPITAL 

Predatory Mortgage Lending: 

Learn how homeowners can be targeted by predatory lenders: OFFICE OF THE ATTORNEY GENERAL

Consumer Protection and Financial Health

This is a collection of resources provided by HUD related to predatory lending, scams and mortgage fraud: HUD EXCHANGE