FirstDown and FirstDown Plus, or as a stand-alone first mortgage. • FirstDown Plus is a third mortgage down payment assistance loan designed to provide additional down payment to first-time homebuyers qualified to use the FirstHome program. Previous homeowners who have not owned and occupied a home as their primary residence in the past three years may also be eligible for the program. FirstDown Plus must always be used in conjunction with the FirstHome and FirstDown programs. • HomeForward is a mortgage loan for individuals or families who have owned a home in the past three years or who do not qualify for the FirstHome loan program. It may be used with Housing New Mexico’s HomeForward down payment assistance second mortgage program or as a stand-alone first mortgage. To promote these programs, Housing New Mexico has two homeownership representatives who dedicate their time to educating lenders and realtors about these programs to ensure homebuyers can take advantage of these opportunities. Teri Baca is the homeownership representative that covers the southern half of the state. “It is extremely gratifying to witness a first-time buyer’s journey to becoming a homeowner,” said Baca. “To know that a family no longer has to worry about paying rent but instead has the opportunity to build generational wealth inspires a deep sense of satisfaction.” Eunice Duran is the homeownership representative that covers the central and northern parts of the state. “My role as a homeownership representative for Housing New Mexico-MFA is incredibly rewarding,” said Duran. “Supporting our lender and realtor partners to help New Mexico families achieve the dream of homeownership is like handing them the keys to a new chapter of hope, stability and endless possibilities. I am honored to be a part of the process.” Making an Impact Housing New Mexico continues to make an impact on the lives of New Mexicans. In fiscal year 2024, Housing New Mexico reached a milestone with $582.2 million in funding expended for down payment assistance and first mortgages. These efforts have directly contributed to increasing homeownership opportunities, helping thousands of individuals and families find a place to call home. “Thanks to our partnerships with participating lenders and realtors, we have leveraged both state and federal funding to impact the lives of New Mexicans through all of our mortgage programs,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “Our vision is that all New Mexicans will have quality, affordable housing opportunities, and we are working together toward that goal by helping create homeownership and wealth-building opportunities across the state.” Housing New Mexico’s overall fiscal year 2024 production highlights also include: • 18,981 families served. • 5,769 homes produced, financed or preserved. • 940 new rental and single-family homes financed. • $736,970,000 total funding administered. To learn more about Housing New Mexico’s homebuyer programs, scan this QR code. https://housingnm.org/programs/homebuyers To view a list of participating lenders, scan this QR code. https://housingnm.org/programs/homebuyers/mfa-participating-lenders 20
RkJQdWJsaXNoZXIy MTg3NDExNQ==