Down Payment Assistance in Las Cruces, NM

How this works in Las Cruces

Down payment assistance programs in New Mexico include New Mexico Mortgage Finance Authority (MFA) products that lower the cash a first-time buyer needs at closing. The two most-used MFA programs are FirstHome (below-market first mortgage) and FirstDown (down payment assistance layered on top). Eligibility depends on income, credit score, and first-time-buyer status, but the income limits are higher than most buyers expect.

• NM MFA FirstHome: a first mortgage with a below-market rate for eligible first-time buyers in New Mexico. Income limits vary by county.
• NM MFA FirstDown: a down payment assistance loan that stacks on FirstHome or another qualifying first mortgage. Most buyers use it to cover 3% to 5% down.
• NM MFA HomeNow: down payment assistance for non-first-time buyers under specific income limits.
• FHA 3.5% down: works in tandem with MFA programs. Credit floor at 580, though most lenders prefer 620+.
• VA loans: 0% down for active duty, veterans, and eligible spouses. No PMI. Funding fee can be financed.
• USDA loans: 0% down in eligible Doña Ana County rural areas. Income limits apply but are higher than most buyers expect.
• Local lender network: Patino routes buyers to MFA-approved lenders based on credit profile and loan type.

Who Patino helps with this

Down payment assistance programs fit first-time buyers, buyers with cash flow that supports the monthly payment but limited savings for down + closing, and buyers in qualifying income ranges who don't realize they qualify.

Manny Patino has been a New Mexico Qualifying Broker since 2017 with deep mortgage and loan structuring knowledge. The Patino team routes buyers to lenders by loan type and credit profile, runs the math before tours start, and negotiates seller-paid closing concessions on every buyer-side deal where possible. Call (575) 520-7604 to talk through your specific situation.

Frequently asked questions