Grant Directory

Verified government funding opportunities

HomeForward Down Payment Assistance (DPA) – Second Mortgage Loan

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Housing New MexicoNMFirst-Time Homeowner

Funding: Fixed rate 15 year second mortgage providing up to 3 percent of the home sales price for down payment. Closing costs are allowed only when the first mortgage is USDA, VA, or HUD Section 184.loanrollingDeadline: Scope: statewidestate

Updated: Dec 2, 2025

Summary

HomeForward DPA is a 15-year fixed-rate second mortgage that gives New Mexico buyers up to 3% of the sales price toward down payment, pairing with MFA’s HomeForward first mortgage and supporting both first-time and repeat buyers statewide.

Benefits

Down payment assistanceSecond mortgageClosing costs

Who Can Apply

Individual

Eligible Locations

State of New Mexico. First time and repeat homebuyers using the HomeForward first mortgage on eligible owner occupied single family properties that meet program income, purchase price, property, and counseling guidelines.

Eligibility

Open to first-time and repeat homebuyers using the HomeForward First Mortgage program to purchase an owner-occupied single-family property in New Mexico; borrowers must meet HomeForward’s income, purchase-price, and property guidelines, have a minimum 620 credit score, complete required homebuyer counseling, and obtain an eligible FHA, VA, USDA, HFA Advantage, or HFA Preferred conventional mortgage through a Housing New Mexico–approved lender.

Full Description

The HomeForward DPA fact sheet describes the program as a fixed-rate second mortgage with a 15-year term that provides funds up to 3% of the sales price to help cover the borrower’s down payment. It must be combined with the HomeForward First Mortgage program and shares the same credit score, property, and homebuyer-counseling requirements as HomeForward. Quick facts note that the borrower does not have to be a first-time homebuyer, making this program attractive for move-up buyers as well as first-timers. HomeForward DPA can be used on “most types of owner-occupied single-family properties” in New Mexico, including site-built homes, condos, townhomes, and manufactured homes that meet FHA, Freddie Mac, Fannie Mae, VA, HUD Section 184, or USDA guidelines; a minimum 620 credit score is required. The fact sheet also clarifies that DPA funds may not be used toward closing costs unless the first mortgage is USDA, VA, or HUD Section 184, and that the program works with FHA, VA, USDA, HFA Advantage, and HFA Preferred conventional loans originated by Housing New Mexico–approved lenders listed on HousingNM.org. Overall, HomeForward DPA is positioned as a flexible down payment solution for a broad range of New Mexico homebuyers who want to leverage MFA’s conventional and government loan products.

Verification & Details

Complexity: Moderate
Confidence: 90%
Status: open
Source: housingnm.org

Based on Housing New Mexico HomeForward DPA fact sheet. Program appears to accept applications on a rolling basis while funds and rate reservations are available.

Official source → housingnm.org
Apply on official siteUpdated Dec 2, 2025

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More statewide programs

Explore additional grants available throughout New Mexico that complement this opportunity.

FirstDown Plus – Third Mortgage Down Payment Assistance

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Housing New MexicoNMFirst-Time Homeownergrant

Updated: Dec 2, 2025

State-level homebuyer mortgage & downpayment/closing-cost assistance programs via Housing NM, including low upfront cash requirement and multiple DPA/loan options.

Eligible for: First-time or repeat buyers (depending on sub-program), credit score min 620, complete homebuyer counseling, income/purchase price limits ap…

Deadline: Rolling / subject to limited rounds of funding, available on a first-come, first-served basisstatewide
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HomeNow – Second Mortgage Down Payment Assistance for Lower-Income First-Time Buyers

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Housing New MexicoNMFirst-Time Homeownerforgivable loan

Updated: Dec 2, 2025

HomeNow provides a $7,000, no-payment second mortgage for down payment and closing costs that’s forgivable after 10 years, targeting New Mexico first-time buyers at or below 80% AMI who pair it with MFA’s FirstHome loan.

Eligible for: Available to lower-income first-time homebuyers (and former homeowners who have not owned/occupied a home as a primary residence in the last…

Funding: Fixed 7000 dollar second mortgage for down payment and closing costs; no monthly payment and fully forgivable after 10 years if occupancy requirements are met.Deadline: Rolling / subject to funding and income/purchase-price limitsrollingstatewideIndividualDown payment assistanceClosing costsForgivable second mortgage
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FirstDown – Second Mortgage Down Payment & Closing Cost Assistance

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Housing New MexicoNMFirst-Time Homeownerloan

Updated: Dec 2, 2025

MFA’s FirstDown program is a fixed-rate second mortgage that provides up to 4% of the sales price to cover down payment and closing costs for FirstHome borrowers, making it easier for New Mexico first-time buyers to get into a home with less cash up front.

Eligible for: Exclusively for first-time homebuyers purchasing a home in New Mexico who are using MFA’s FirstHome first-mortgage program; must meet the sa…

Funding: Fixed rate second mortgage providing up to 4 percent of the home sales price for down payment and closing costs.Deadline: Rolling / subject to funding and reservation availabilityrollingstatewideIndividualDown payment assistanceClosing costsSecond mortgage
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Santa Fe County Downpayment Assistance Program

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Santa Fe County – Affordable Housing ProgramNMFirst-Time Homeownerdeferred loan

Updated: Dec 2, 2025

Santa Fe County’s Downpayment Assistance Program offers up to $20,000 in 0% deferred assistance as a subordinate loan, targeted by AMI band, to help first-time buyers close the gap on down payment and closing costs while preserving long-term affordability.

Eligible for: First-time homebuyers purchasing a home in Santa Fe County with household incomes at or under 100% of area median income, who have completed…

Funding: Zero percent deferred payment loans up to 20000 dollars (under 65 percent AMI), 15000 dollars (65 to 80 percent AMI), or 10000 dollars (80 to 100 percent AMI).Deadline: Rolling / subject to County funding and Loan Review Committee approvalrollingcountyIndividualDown payment assistanceDeferred loanClosing costs
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