Getting ready to buy your first home? Many Albuquerque first time home buyers struggle to come up with a down payment. To help these individuals realize their dream of being homeowners, the New Mexico Mortgage Finance Authority (MFA) offers first time home buyer grants to qualified individuals and couples. Here’s what you need to know to take advantage of this great opportunity. We’ll answer important questions, including:
- How does the Albuquerque first time home buyer program work?
- Who qualifies as Albuquerque first time home buyers?
- What homes qualify for Albuquerque first time home buyers program in New Mexico?
- How do I qualify for the program?
We help Albuquerque first time home buyers realize an exceptional opportunity to move into a home through the MFA $500 FIRSTHome move-in program. Below is a list of the most common questions asked about the program.
How does the Albuquerque first time home buyer program work?
For most first time buyers, saving a down payment of 20, 10 or even five percent can seem like an overwhelming obstacle. This is especially true for younger prospective home owners. That said, purchasing a home now is a fantastic investment for the future and an option that should be available to anyone pursuing it.
The New Mexico first time home buyers program makes it “cheaper to buy than to rent a home” for many first time home buyers looking at homes for sale in Albuquerque. It gives them buying power by granting them the funds necessary to cover a down payment and closing costs. Buyers just need to put up as little as $500 of their own funds and have a credit score of 620.
Who qualifies as Albuquerque first time home buyers?
In terms of real estate, people who have not owned a home in the past three years may qualify for Albuquerque first time home buyer status. If you feel that you qualify to receive the benefits of the Albuquerque first time home buyers $500 move in program, feel free to contact us at 505-401-7500 to learn more.
What homes qualify for Albuquerque first time home buyers program in New Mexico?
Most homes in Rio Rancho and throughout Albuquerque and the surrounding areas are available for first time home buyers to move in with as little as $500 down. To obtain the FIRSTHome grant through MFA, buyers must purchase a single-family home—multifamily residences and commercial properties do not qualify. New homes, as well as repossessed or previously owned homes, will qualify for this program.
How do I qualify for the program?
First, you need to meet the qualifications. We work with an approved mortgage lender. They’ll review your monthly income, expenses, employment history and credit report. Then, determine your eligibility for the program. The lender will also decide how much down payment and closing cost assistance you need. From there, they’ll recommend the best New Mexico Mortgage Finance Authority (MFA) program for you.
Buying your first home can be overwhelming!
Buying a home can be daunting for Albuquerque first time home buyers. It helps to have an experienced Realtor® on your side to guide you through everything from finding a great home to applying for the FIRSTHome grant. At Myers & Myers Real Estate, we’ve helped numerous Albuquerque first time home buyers through the process. We’ll guide you through securing financing, searching for homes, negotiating terms and conditions, and handling all the details of the home buying process.
Our foremost goal is to provide you with exceptional customer service. We assist you in finding the perfect home in the right neighborhood, to fit for your lifestyle and needs. Please utilize our Albuquerque real estate expertise to make your home search and buying experience as stress free and rewarding as possible. Schedule a consultation today!
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Selling your Albuquerque home?
Considering selling your Albuquerque home? we utilize the latest, cutting-edge real estate marketing tools to expose your property to the widest range of potential buyers. We’ll aggressively market your Albuquerque home for sale, to sell it quickly and for the best price!
Our extensive knowledge of the Albuquerque real estate market allows us to guide our clients intelligently. Whether you’re looking to buy, sell, invest, or are a New Mexico first time buyer, our mission is to provide you with exceptional customer service and assist you throughout the entire transaction.
Please call us today or fill out the online contact form, and let us know how we can best serve your Albuquerque real estate needs. We look forward to speaking with you!