Helping Hand
Why Helping Hand?
Owning a home is a goal for many New Mexico families. But often they face obstacles like saving enough money to cover initial expenses and coming up with comfortable monthly payments. Helping Hand helps meet those needs by providing down payment and closing cost assistance for low-income families in which at least one family member has an ADA disability. Buyers must not have owned and occupied a primary residence for the past three years.
Helping Hand offers an $8,000 loan at 0 percent interest that can be used for down payment and other costs related to the purchase, including pre-paids. Depending on the type of mortgage loan, the program may also help reduce the monthly mortage payments through an interest rate buy down.
The loan is a soft second that does need to be paid back until the property is sold, refinanced, or transferred. It is assumable if the buyer meets program eligibility requirements. After five years, this loan may be forgiven at a rate of 20 percent per year.
Many types of first mortgage loans may be used in conjunction with the Helping Hand program. These include FHA and a variety of conventional loans, including the Community Home Buyer Product. Rural Housing Services, guaranteed, leveraged, or direct loans are also available as are loans on Native American trust lands.
Income and home sales price limits apply depending on family size and location. See income and price limits below for specific information.
How do borrowers qualify?
An MFA-approved lender can determine if you are eligible for Helping Hand. They can also explain various MFA loan types and help determine which programs work best for you.
To use Helping Hand, you must receive first time homebuyer housing counseling paid for by the MFA and available through ILRC Housing Division. ILRC is located in Albuquerque at 4401 B Lomas Blvd., NE.
Telephone: (505) 266-5022.
Please note that Helping Hand is available statewide on a limited basis. Call MFA for availability.
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Counties |
By Family Size |
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1 |
2 |
3 |
4 |
5 |
6 |
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| Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia) | $34,200 | $39,050 | $43,950 | $48,800 | $52,750 | $56,650 |
| Santa Fe MSA and Los Alamos Counties | $38,000 | $43400 | $48,850 | $54,250 | $58,600 | $62,950 |
| Farmington MSA (San Juan County) | $30,200 | $34,500 | $38,800 | $43,100 | $46,550 | $50,000 |
| Las Cruces MSA (Dona Ana County) | $26,400 | $30,150 | $33,900 | $37,650 | $40,700 | $43,700 |
| Colfax | $28,950 | $33,050 | $37,200 | $41,300 | $44,650 | $47,950 |
| Eddy | $30,900 | $35,300 | $39,700 | $44,100 | $47,650 | $51,200 |
| Harding | $27,000 | $30,850 | $34,700 | $38,550 | $41,650 | $44,750 |
| Lea | $27,250 | $31,150 | $35,000 | $38,900 | $42,050 | $45,150 |
| Lincoln | $31,300 | $35,800 | $40,250 | $44,700 | $48,300 | $51,900 |
| All Other Areas and Counties of the State | $26,400 | $30,150 | $33,900 | $37,650 | $40,700 | $43,700 |
*Can include manufactured homes on permanent foundations, also town homes, condos, or PUDs. Maximum income limits are below.
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Helping Hand Program Price Limits |
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Area |
Purchase Price Limits |
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| Los Alamos County | $380,650 | |
| Santa Fe County | $427,500 | |
| San Juan County | $281,250 | |
| All Other Areas and Counties of the State | $271,050 | |
