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First Time Buyers Socorro County

When it comes to helping first-time buyers in Socorro County, NM, there’s a lot that needs to be addressed quickly. According to NerdWallet, you should have already started saving well in advance of your desired purchase date. You should also be aiming for homes on a realistic budget, building your credit, and exploring mortgage options. Wherever you are in this process, a local buyer’s agent can help.

According to Bankrate, New Mexico’s FIRSTHome program is available through the New Mexico Mortgage Finance Authority (MFA). They require either a first-ever purchase or no purchase within three years. It can be used with all the typical finance options, including the FHA loan from the Federal Housing Authority, the VA Loan for the military, the USDA loan for rural properties, and the HFA Preferred conventional loan.

All MFA options require a minimum 620 credit score (with some exceptions), a minimum of $500 out of pocket toward the purchase, and you must complete your homeowner counseling before making a purchase. They also have an income cap that varies depending on the number of people in your household. The cap ranges from $73,200 for a single individual and goes up to $164,335 based on the number of dependents.

Socorro County is home to cities like Socorro, San Antonio, and Lemitar, to name a few. It offers a variety of amenities considered useful to families, young professionals, and retirees who prefer a sparse suburban feel near the country. There are lots of renters but even more homeowners. This is your chance to begin investing in your own economic and personal prosperity. Let me help you make this process work to your benefit on a free call.

More help: https://housingnm.org/homebuyers/down-payment-assistance

  • First-time buyers in Socorro County can get help from a local professional on a free call.