First Time Buyer New Home in Las Cruces

Best loan types for first time buyers in Las Cruces

First time buyers in Las Cruces have four primary financing paths.

• FHA. 3.5% down with credit 580+. Mortgage insurance for the life of the loan (typically). All six active builders accept FHA.
• USDA. 0% down in eligible Doña Ana County areas outside Las Cruces city limits. Income limits apply. View Homes, some Hakes Brothers, and some Arista phases build in USDA eligible zones.
• VA. 0% down for eligible service members, veterans, and spouses. No PMI. Funding fee.
• Conventional 3% to 5% down. Higher credit required (typically 620+). Lower mortgage insurance than FHA, removable at 20% equity.

Manny Patino routes first time buyers to the right loan type based on credit, income, target location, and military status.

Down payment assistance programs in New Mexico

New Mexico has several down payment assistance programs first time buyers can stack with FHA, USDA, or conventional financing.

• NM MFA FirstHome. First mortgage with below market rate for eligible first time buyers.
• NM MFA FirstDown. Down payment assistance loan or grant, layered on top of FirstHome or another first mortgage.
• NM MFA HomeNow. Down payment assistance for non first time buyers under certain income limits.

Eligibility and current rates change. Manny Patino routes first time buyers to MFA approved lenders. Income and credit thresholds apply.

The first time buyer track at NewHomes101

First time buyers get a different process than experienced buyers. The newhomes101.com first time buyer track covers.

1. Free 60 minute planning call. Budget, credit profile, loan type match, location preferences, timeline.
2. Lender introduction. Manny matches you to a first time buyer experienced lender by loan type.
3. Builder model home tours. Gilbert attends. Floor plan and finish quality orientation.
4. Spec vs build to suit decision. Manny runs the trade off math.
5. Contract review line by line. Manny walks through every clause.
6. Design center walk through. Gilbert flags upgrades that hold value at resale.
7. Construction phase walks. Gilbert visits at foundation, framing, mechanical rough in, drywall, finish.
8. Final walkthrough with punch list. Gilbert attends with a written checklist.
9. Closing. Manny attends if you want a familiar face in the room.
10. 11 month warranty walkthrough. Manny calendars before the 1 year workmanship warranty expires.

Frequently asked questions