"First time home buyer programs" generally have more eligibility requirements than the traditional loan process.  For instance, the borrower may have to complete some educational requirements, may have to fall into certain income categories, or even be employed in certain careers.  The benefits of a "first time home buyer program" are typically expanded criteria within the underwriting guidelines.

There are "first time home buyer programs" that offer reduced rates and even soft second mortgages which don't require a monthly repayment, but are paid back "with interest" at the time the property is sold.  So, at the end of the ownership term, you, as the buyer, may not experience the full appreciation value of the property, as you might otherwise enjoy if you had by choosing a conventional loan product.

In many instances, we feel we are able to offer better mortgage programs with less restrictions than a buyer will find by seeking the "first-time buyer" programs.  For more information on first time home buyer programs, go to the NMMFA (New Mexico Mortgage Finance Authority) website or contact your County or City officials.

Should you still be interested in pursuing conventional loan programs, we are most happy to be of assistance to you.  Although it has been common in the past to have little or no down payment required, you currently need to plan on at least a 5% down payment. 

We encourage you to contact us, either through our website, via email at ginger@anasazimortgage.com, or call us directly so that we may give you personalized answers for your specific situation.