First-Time Homebuyer Resources

Utilizing resources as a first-time homebuyer is crucial because the process can be complex and overwhelming.

Resources like educational programs, financial counseling, and first-time homebuyer grants can provide essential knowledge and support. They help buyers understand the steps involved, avoid costly mistakes, and make informed decisions about mortgages, property selection, and budgeting. By leveraging these resources, first-time buyers can navigate the homebuying process more confidently and secure a home that meets their needs and financial situation.

National Association of REALTORS® Consumer Guide:  Buying Your First Home /   Compra de la primera vivienda

U.S. Department of Housing & Urban Development (HUD)  

Homeownership Assistance: New Mexico
   
Housing New Mexico is an organization that works to increase access to affordable housing in New Mexico. They provide resources, financing, and support for housing development and homeownership programs. Their initiatives aim to improve housing availability, affordability, and quality, helping individuals and families find stable, affordable homes.   Homewise.org is a nonprofit that helps people achieve sustainable homeownership. They offer homebuyer education, financial coaching, and assistance with finding and purchasing affordable homes. Their mission is to empower individuals to make informed decisions and achieve long-term financial stability through homeownership.   Sawmill Community Land Trust is a nonprofit organization that provides affordable housing opportunities by separating the ownership of land from the ownership of homes. Through this model, they offer lower-cost homes to buyers while maintaining long-term affordability for future generations. Homebuyers can purchase a home at a more accessible price, with the land remaining under the trust's ownership, ensuring stable and affordable housing in the community.
Follow determined buyers on their journey to homeownership with the guidance of a REALTOR® on the show First-Time Buyer!

Also streaming on Hulu

NAR CONSUMER GUIDES FOR FIRST-TIME HOMEBUYERS

Buying Your First Home
Fair Housing
10 Questions to Ask a Buyer's Agent
Written Buyer Agreements
Open Houses and Written Buyer Agreements
Mortgages and Financing
Steps Between Signing & Closing

and even more resources, including in Spanish, at facts.realtor

FINANCING

National Association of REALTORS® Consumer Guide:  Mortgages and Financing /   Hipotecas y Financiamento

First-Time Homebuying Financing
Down Payment Assistance
Specialty Loans

These information presentations were provided at a
GAAR First Wednesday: Advancing Financial Knowledge held  in September 2024

  • Section 184 -  Indian Home Loan Guarantee - Guardian Mortgage
  • USDA Loans -  Section 502 Direct Loan Program - Guardian Mortgage
  • ITIN (Individual Taxpayer Identification Number) Loans - CMG Financial
  • Chattel (Manufactured Home) Loan - Home Funding Corp

OPPORTUNITY AREAS

Opportunity Areas are economically distressed communities designated by governors and certified by the U.S. Treasury, offering tax incentives for new investments. With 8,764 zones nationwide, the initiative encourages private and public investment in underserved areas, aiming to revitalize communities long lacking investment.

View Housing Listings in Albuquerque Opportunity Areas

There are mortgage rates and financing that are for these Opportunity Areas through   lenders:

Additional Resources

Know Your Terms & Abbreviations 
  • FTHB - First-Time Homebuyer
  • DPA - Down Payment Assistance
  • DTI - Debt to Income
  • AMI - Average Median Income
  • AUS - Automated Underwriting System
  • PMI/MI - Private Mortgage Insurance
  • LTV - Loan to Value Ratio
  • IPC - Interested Party Contribution

    

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