SANTA FE, N.M. (AP) – A nonprofit that works to boost homeownership in the state has been awarded a multimillion-dollar grant that will benefit residents in several counties in central and northern New Mexico.
Homewise, Inc. says the grant will help provide $10,500 in mortgage down payment assistance to 300 low- and moderate-income prospective homebuyers through deferred loans.
The nonprofit says that in 2015, 13 percent of home purchase loan applicants in Bernalillo and Sandoval counties were denied, compared to less than 10 percent nationally.
Officials say the most common reason for denial was debt-to-income ratio. The program aims to lower the monthly payment through deferred financing.
The loan amount is based solely on the borrower meeting the income requirements, and the loan would come due upon the sale or transfer of the property.