Housing New Mexico — also known as New Mexico Mortgage Finance Authority (MFA) — has been helping people realize their dream of homeownership for nearly five decades.

After its creation through the state legislature in 1975, New Mexico Mortgage Finance Authority executed its first bond issue in December 1976 with letters of credit from four banks: Albuquerque Federal Savings and Loan, First National Bank of Albuquerque, New Mexico Savings and Loan, and Southwest Mortgage. That $20 million bond sale in 1976 was followed by another $38 million bond sale in June 1977, which kicked off years of assisting New Mexicans with purchasing homes. Suburban Mortgage in Albuquerque was one of the first mortgage lenders to use MFA’s bond money to help low-income families buy homes.

Fast Forward to the Present

MFA rebranded to Housing New Mexico in July 2024, and nearly 50 years later, the quasi-governmental agency continues to house New Mexicans. Its mortgage programs provide homebuyers with down payment and closing cost assistance, as well as competitive interest-rate mortgage loans. A minimum credit score of 620 is required, and all first-time homebuyers must receive pre-purchase homebuyer counseling. Housing New Mexico currently offers the following mortgage programs:

• FirstHome and FirstDown are first and optional second mortgage loan programs for individuals or families who have not owned and occupied a home as their primary residence in the past three years. FirstHome may be used with Housing New Mexico’s down payment assistance programs, 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. 

Learn more about Housing New Mexico’s homebuyer programs.

View a list of MFA participating lenders.