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? Key takeaway: Mortgage typeMinimum down payment (%)Down payment ($)VA Loan0%$0FHA Loan3.5%$10,265Conventional3%$8,798Based on typical home values from Zillow (August 2023)
You will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in ...
With this incentive, Government of Canada provides: 5% for a first-time buyer's purchase of a resale (existing) home. 5% for a first-time buyer's purchase of a new or resale mobile/manufactured home.
New Mexico first-time homebuyer loan programs Borrower requirements: 620 minimum credit score (there are some exceptions for alternative credit qualifications if you don't have a credit score) At least $500 of your own money must be used to pay for the property. Must complete pre-purchase homeowner counseling.
Here are some general FHA loan requirements for New Mexico. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.