NEW MEXICO (KRQE) – The housing market has been hot recently, making it difficult – if not impossible – for first-time homebuyers to secure a place. But the New Mexico Finance Authority is offering low-interest loans to help some buyers.
The government-sponsored FirstHome program offers mortgages as low as 5.875%, according to the Mortgage Finance Authority (MFA). That rate is subject to change, but as of now, that’s lower than current market rates.
The program is available for first-time homebuyers with low to moderate incomes. MFA defines first-time buyers as ones who haven’t owned and occupied a home as a primary residence in the last three years.
“MFA makes lower-interest loans than conventional lenders because we can raise money using tax-exempt mortgage revenue bonds,” Lizzy Ratnaraj, MFA’s chief financial officer, said in a press release. “The lower mortgage rate allows MFA to fulfill our mission of providing loans to first-time low-to-moderate-income homebuyers. MFA is constantly exploring ways to alleviate some of our target borrowers’ inflationary and borrowing pressures.”
As with any mortgage offer, there are more details that borrowers need to comply with. More info can be found on the MFA website. There, people can also find additional assistance programs and advice for homebuyers.