New Mexico Down Payment Assistance
Homebuyers in New Mexico looking for down payment assistance may apply for the Chenoa Fund down payment assistance program through an approved lender. CBC Mortgage Agency offers down payment assistance in the form of secondary financing of up to 5% of the home sale price or appraised value, whichever is lower. That amount may be either forgivable or repayable and eligibility for the borrower is determined by the lender.
In addition to down payment assistance, CBC Mortgage Agency allows its funds to be used as closing cost assistance. This means that, you can use a portion of the financial assistance towards items such as appraisal fees, title insurance, and lender fees. Closing costs can add u quickly and can be a barrier for many homebuyers in New Mexico. This can help make the homebuying process more affordable and manageable for low-to-moderate income individuals and families.
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