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Last updated: Jun 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

New Mexico Mortgage Overview

New Mexico, or the 'Land of Enchantment' is a beautiful place to live. It's a state with a cultural history and incredible landscape. Home to just over 2 million people and with a median home price of $171,000 it's easy to see why people live in New Mexico.

If you'd like to call New Mexico your home, here are some great home loan options.

New Mexico conventional loans

Conventional loans have strict guidelines, but it's worth it. You need a 660+ credit score and a 36 percent debt ratio to qualify. If you're a first-time homebuyer put down just 3 percent and subsequent homebuyers must put down 5 percent. Any down payment less than 20 percent means you'll pay Private Mortgage Insurance but only until you owe less than 80 percent of the home's value.

New Mexico FHA loans

FHA loans require a minimum 580 credit score and a 3.5 percent down payment so it's a more flexible program. You can get by with a 45 - 50 percent debt ratio, and even a blemished credit history. FHA loans require mortgage insurance for the loan's term but the rates are affordable. There is an upfront funding fee too.

New Mexico VA loans

Military veterans and current military members get 100 percent financing from a VA lender. You need a 620 credit score and enough income to cover the mortgage, consumer debts, including the new mortgage and the daily cost of living. VA loans don't require a down payment or mortgage insurance, but there is an upfront funding fee most veterans pay.

New Mexico USDA loans

If rural living is on your radar and you make less than 115 percent of the area's median income, the USDA loan may be a good option. You'll need at least a 640+ credit score to qualify and a max 41 percent debt ratio. USDA loans provide 100 percent financing. They have some of the lowest interest rates and mortgage insurance rates too.

First-Time Homebuyer Programs in New Mexico


First-time homebuyers with at least a 620 credit score and low to moderate-income may qualify for the FIRSTHome program. You must contribute $500 from your funds and you can use this with the Down Payment Assistance programs available to you. You must undergo homebuyer education before you qualify.


This is a second mortgage program that provides New Mexico homebuyers with down payment and closing cost assistance. You must combine this program with the FIRSTHome program to qualify. You may receive up to $8,000 in assistance and it comes as an affordable second mortgage.


This is a combination of afirst mortgage and down payment assistance program as a second mortgage which is 3 percent of the first loan. Borrowers need a 620 credit score and the second loan is forgiven if you meet certain requirements.

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