At the New Mexico Home Builders Association, we know that even a modest reduction in a monthly mortgage payment can make homeownership possible for more families. That is why we are proud to celebrate the launch of NewHome Rate Advantage, a new Housing New Mexico | MFA pilot program developed in collaboration with NMHBA.
The program offers qualified homebuyers purchasing a newly constructed home through Housing New Mexico’s HomeForward program a permanent 1% interest rate buydown on a fixed-rate 30-year first mortgage. On a $300,000 loan, Housing New Mexico estimates the savings could be approximately $188 per month.
“New Mexico Home Builders Association is proud to partner with Housing New Mexico | MFA to launch the NewHome Rate Advantage Program,” said New Mexico Home Builders Association CEO Miles D. Conway. “When every $1,000 reduction in a home’s price allows more than 1,000 additional New Mexico families to qualify for a mortgage, this permanent rate buydown opens the door to the American dream of homeownership for thousands of hardworking families.”
Making New Homes More Affordable
NewHome Rate Advantage is available for eligible newly constructed homes located anywhere in New Mexico. Buyers must use the home as their primary residence and meet HomeForward income, purchase price, and other program requirements.
By reducing monthly mortgage costs, the program can help expand the number of New Mexico families able to qualify for and afford a new home. It also supports the work of our state’s builders by creating more opportunities to produce the attainable housing New Mexico communities need.
“By expanding the pool of qualified homebuyers, this program will rapidly and effectively enable our state’s family-owned builders to construct the attainably priced homes New Mexico urgently needs,” Conway said. “It represents a vital step toward a future where more New Mexicans can afford a place to call home.”
NMHBA is grateful to Housing New Mexico, Government Affairs Chair Mackenzie Bishop, state leaders, and the many members who advocated for this effort. The pilot has limited funding and is expected to help approximately 350 to 400 households purchase newly constructed homes.
Learn More About NewHome Rate Advantage
Interested homebuyers should speak with an approved Housing New Mexico participating lender to determine eligibility and available funding. Buyers can also review Housing New Mexico’s mortgage programs for additional information.
We encourage our builders, lenders, members, and community partners to share this opportunity with families across the state. To learn more about the NewHome Rate Advantage and all homebuyer programs, please visit the Housing New Mexico mortgage programs web page.