Also compare competing quotes from our lender database of reputable New Mexico mortgage lenders by filling the form to the right. For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you. Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
Mortgage Loans and Home Buyer Programs
New Mexico offers resources for those needing down payment assistance and access to affordable mortgage loans. The New Mexico Mortgage Finance Agency provides first-time homebuyer programs, homeowner education, and links to lenders and loan servicing resources. These programs help residents understand how mortgage lending and buying a home works, and the responsibilities of maintaining homeownership. State and local agencies provide assistance to those with special needs, and veterans and Native Americans can also contact state and federal agencies in New Mexico to learn more about getting a mortgage loan, refinancing, and finding assistance with credit counseling and avoiding foreclosure. Using mortgage calculator tools is helpful for comparing mortgage options and determining potential savings when refinancing. Although these tools provide generalized information, they do provide a starting point for finding a home loan.
Mortgage Foreclosure in New Mexico
Those facing foreclosure should not wait to get help. New Mexico law provides for judicial foreclosure. This means that lenders sue borrowers in court to foreclose. The timing depends on the court schedule, but you could be out of your home in as few as four months if things move quickly. Reinstating a mortgage after foreclosure has started involves paying legal fees and court costs in addition to past due payment amounts.
Mortgage Calculator Tools
As you go from shopper to homebuyer to homeowner, please continue to make use of our various loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. There's also a handy mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to give you guidelines that show you how much home you can afford.
Resources
- New Mexico Mortgage Finance Authority (NMMFA). Agency provides residents with homebuyer and homeowner programs, information, and links to statewide housing resources.
- NMMFA Glossary of Terms. Describes terms and commonly used in the real estate and mortgage lending industries.
- NMMFA Preparing for Homeownership. Information for first time buyers on how to prepare for getting a mortgage and buying a home.
- NMMFA Specialized services for homebuyers and homeowners with disabilities. This link describes homebuyer program for qualifying persons with disabilities and their families.
- Home New Mexico. HOME provides homebuyer and homeowner resources for persons with disabilities.
- Greater Albuquerque Housing Partnership (GAHP). This agency builds homes and provides financial assistance for qualified first time homebuyers.
- HUD in New Mexico: US Department of Housing and Urban Development (HUD) programs and resources
- New Mexico Homebuyer Programs: This HUD page provides links to local resources for New Mexico housing programs and resources.
- HUD Approved Counseling Agencies: These counseling agencies provide financial counseling and foreclosure prevention programs.
- Veterans Administration Loan Guaranty Program. This site describes the US Department of Veterans' Affairs home loan program for military veterans.
