Did you know you can purchase a home with a $500 down payment. This is a great program administered by the New Mexico Mortgage Finance Authority. This is a great program but you must qualify for the program. The program is designed for low to moderate income New Mexicans and there is a maximum limit on your income.
You cannot have owned a home for the past 3 years.
You must meet a minimum credit score (good credit)
You need two years of verifiable income.
You must meet the debt to income ratios set out by the Federal Housing Administration.
It is a great program, check out this page to learn more about the first time home buyers program in Albuquerque.