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New Mexico residents have access to a 0% Down Payment Program for first time home buyers. A first-time home buyer is deemed a person who has not owned a home or was not the occupant of a home as a primary residence in the past 3 years.
Before you start the exciting journey of house hunting, there’s one important step you should take – getting pre-qualified for a mortgage. Getting pre-qualified can give you a clearer picture of what you can afford and can help streamline the buying process.
Current gross annual household income may not exceed limits listed below unless the homebuyer is planning to purchase a home in a targeted area.
Counties
(by Family Size)
1 to 2
Person Household
3+
Person Household
Bernalillo
$86,210
$99,141
Sandoval
$86,210
$99,141
Torrance
$86,210
$99,141
Valencia
$86,210
$99,141
Santa Fe
$91,986
$105,784
Farmington
$80,520
$93,940
Counties
1 to 2 Person
3+ Person
Bernalillo
$86,210
$99,141
Sandoval
$86,210
$99,141
Torrance
$86,210
$99,141
Valencia
$86,210
$99,141
Santa Fe
$91,986
$105,784
Farmington
$80,520
$93,940
* Amounts subject to change. Contact broker to verify current data.
Residences financed can include single-family detached homes, townhomes, condominiums, homes in planned unit developments, and permanently attached, multi-wide manufactured homes that are assessed as real property. Total home purchase price may not exceed the limit listed below, unless the home is in a targeted area.
Area
Purchase Price Limit
Bernalillo
$481,176
Sandoval
$481,176
Torrance
$481,176
Valencia
$481,176
Santa Fe County
$513,459
Los Alamos County
$481,176
County
Purchase Price Limit
Bernalillo
$481,176
Sandoval
$481,176
Torrance
$481,176
Valencia
$481,176
Santa Fe County
$513,459
Los Alamos County
$481,176
* Amounts subject to change. Contact broker to verify current data.
It shows sellers that you’re a serious buyer and helps you make an offer faster, as you already have an idea of your budget. Plus, when you’re pre-qualified, you’ll have a better understanding of what your monthly payments will look like, which can help you make a more informed decision about the home you want to purchase.
Taking the time to get pre-qualified will make the home buying process much smoother and less stressful.
The first step to buying a home is to get pre-qualified.
The process can be easy and painless. We’ll help you determine all of your options. You’ll learn your buying power and what your potential mortgage payment.
Call/Text: 505-730-8181
Need help or have questions? We are available to assist and answer any questions that you have.
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