HomeNow is a second mortgage loan program that is available to first-time
homebuyers who have lower incomes. Previous homeowners who have not owned
and occupied a home as their primary residence in the past three years may also
be eligible to use the program. HomeNow must be used in conjunction with MFA’s
FirstHome program.
Borrowers must contribute at least $500 from their own funds. The borrower
contribution cannot be derived from any type of gift, grant or down payment
assistance. Homebuyer income limits and purchase price limits for the HomeNow
program will vary according to county and the number of persons in the
household. To review current income eligibility guidelines, go to:
housingnm.org/homebuyers.
The HomeNow program may only be used to finance single-family residences that
are located in the state of New Mexico. Properties may be a detached site-built,
condominium or townhome, or a home in a planned-unit development. MFA will also
finance manufactured homes that are at least double-wide, attached to a permanent
foundation and assessed as real property and that meet FHA guidelines.
After purchasing a home through the HomeNow program, buyers must occupy the
property as their primary residence within 60 days of closing. Properties may not
be used for income generation. Business use restrictions also apply.
The HomeNow loan will be forgiven if the borrower occupies the home for a full 10-
year period and does not sell, refinance, transfer title, rent out or otherwise vacate
the property.
MFA requires a minimum credit score of 620. For buyers with no credit score,
alternative credit qualification may be acceptable. All homebuyers must receive
pre-purchase homebuyer counseling through MFA’s online program, eHome
America, or through a HUD–approved counseling agency that has also been
approved by MFA.
HomeNow is only available through a network of MFA-approved participating
lenders. A list of participating lenders is published on MFA’s website and can be
viewed here:
housingnm.org.
New Mexico Mortgage Finance Authority 344 Fourth St. SW, Albuquerque, New Mexico 87102
tel. 505.843.6880 toll free 800.444.6880
housingnm.org
Quick Facts
• Provides the lesser of 8% of the
sales price of the home or $8,000
to help cover down payment and
closing costs
• Must be used in conjunction with
MFA’s FirstHome program
• Available to borrowers at or
below 80% of the area median
income. Limits vary by county and
household size
• Requires a $500 contribution from
the homebuyer’s own funds
• No monthly payment required
• Loan may be forgiven after 10 full
years if certain conditions are met
Rev. 6/2021
If you have questions, please
call an MFA homeownership
representative at 505.843.6881
New Mexico Mortgage Finance Authority 344 Fourth St. SW, Albuquerque, New Mexico 87102
tel. 505.843.6880 toll free 800.444.6880
housingnm.org
Rev. 6/2021
Albuquerque MSA (Bernalillo, Sandoval,
Torrance and Valencia) $37,800 $43,200 $48,600 $54,000 $58,350 $62,650 $67,000 $71,300
Farmington MSA (San Juan County) $33,500 $38,250 $43,050 $47,800 $51,650 $55,450 $59,300 $63,100
Santa Fe MSA (Santa Fe County) $40,900 $46,750 $52,600 $58,400 $63,100 $67,750 $72,450 $77, 100
De Baca $32,250 $36,850 $41,450 $46,050 $49,750 $53,450 $57, 150 $60,800
Eddy $40,850 $46,650 $52,500 $58,300 $63,000 $67,650 $72,300 $77,000
Grant $30,900 $35,300 $39,700 $44,100 $47,650 $51,200 $54,700 $58,250
Lea $34,550 $39,450 $44,400 $49,300 $53,250 $57,200 $61,150 $65,100
Lincoln $33,450 $38,200 $43,000 $47,750 $51,600 $55,400 $59,250 $63,050
Los Alamos $55,950 $63,950 $71,950 $79,900 $86,300 $92,700 $99,100 $105,500
Roosevelt $31,050 $35,450 $39,900 $44,300 $47,850 $51,400 $54,950 $58,500
Union $3 1,000 $35,400 $39,850 $44,250 $47,800 $51,350 $54,900 $58,450
All other counties $30,600 $35,000 $39,350 $43,700 $47,200 $50,700 $54,200 $57,700
Bernalillo County $200,000 $243,000
Colfax County $223,000 $243,000
Doña Ana County $176,000 $243,000
Eddy County $22 1,000 $250,000
Lea County $1 87,000 $243,000
Lincoln County $2 14,000 $243,000
Los Alamos County $323,000 $323,000
San Juan County $181 ,000 $243,000
Sandoval County $200,000 $243,000
Santa Fe County $295,000 $295,000
Taos County $27 1 ,000 $27 1,000
Torrance County $196,000 $243,000
Valencia County $196,000 $243,000
All other counties $1 70,000 $243,000
HomeNow Household
Income Limits
*
HomeNow
Purchase Price Limits
1 2 3 4 5 6 7 8
Existing
Home
New
Home
*Income and purchase price limits are effective as of June 1, 2021. Limits are subject to change
without notice. Please consult MFA’s website at
housingnm.org for the latest income and
purchase price limits.
