Roswell homebuyers who need help with upfront purchase costs may encounter Housing New Mexico’s FirstHome and FirstDown programs. These programs work together, but they serve different parts of the financing plan: FirstHome is a first mortgage, while FirstDown is down payment and closing-cost assistance that may be paired with it.
This guide explains how the programs are structured, which questions matter in Chaves County, and how to prepare for a conversation with a participating lender. Program funding, limits, rates, and requirements can change, so use current official information for any real application.
What is FirstHome?
FirstHome is Housing New Mexico’s mortgage program for qualifying first-time homebuyers. For this program, “first-time” generally includes people who have not owned and occupied a home as their primary residence during the previous three years. That means a prior homeowner may still fit the definition after enough time has passed.
Housing New Mexico says FirstHome may be used as a stand-alone first mortgage or paired with an eligible assistance program. The home, occupancy, borrower, household income, purchase price, and mortgage must meet current program rules.
Review Housing New Mexico’s current mortgage programs.
What is FirstDown?
FirstDown is a second mortgage designed to help eligible FirstHome borrowers with down payment and allowable closing costs. It is not a general cash grant, and it cannot be evaluated separately from the first mortgage and complete transaction.
Ask how the assistance amount, repayment term, payment, lien position, and payoff requirements would appear in your specific scenario. The second mortgage can affect the total monthly obligation and future decisions such as selling or refinancing.
Why Chaves County and household details matter
Housing New Mexico’s income and purchase-price limits can depend on county, household size, program, property, and effective date. Roswell buyers should confirm the limits that apply to Chaves County on the date the lender evaluates the application.
Do not rely on a number copied from an older article. Housing New Mexico publishes a current limits page, and a participating lender applies the applicable program calculation.
Check Housing New Mexico’s current income and purchase-price information.
Homebuyer counseling and lender participation
Housing New Mexico states that homebuyers using its programs must complete pre-purchase homebuyer counseling. The program must also be originated through an approved participating lender.
Counseling can help a buyer organize a budget, understand recurring ownership costs, and prepare questions about the mortgage and assistance. Completing a class does not guarantee loan approval or assistance availability.
Use Housing New Mexico’s participating-lender directory.
Questions Roswell buyers can ask
- Which FirstHome loan type is being evaluated?
- Does the household meet the current Chaves County income calculation?
- What purchase-price limit applies on the expected closing date?
- How much assistance is being considered, and what costs may it cover?
- What payment and payoff terms apply to the second mortgage?
- Which counseling course is required, and when should it be completed?
- What borrower funds and reserves still need to be documented?
How to compare the full financing plan
Assistance can reduce the amount needed upfront, but the full structure still matters. Review the first mortgage, second mortgage, cash to close, estimated monthly payment, mortgage insurance, taxes, homeowners insurance, and future payoff conditions together.
The Consumer Financial Protection Bureau’s Loan Estimate resources can help buyers identify the costs and terms shown for the first mortgage. Certain subordinate assistance loans may use different disclosures, so ask the lender to explain every document and payment.
Use the CFPB Loan Estimate explainer.
Talk with Brian or Jane
Brian Bamman, Branch Manager, and Jane DeRose-Bamman, Mortgage Loan Originator, help buyers in Roswell and across New Mexico organize questions about FHA, conventional, and available assistance programs.
Start with our New Mexico DPA overview, visit the first-time homebuyer and DPA page, or contact Brian or Jane.
Related Roswell mortgage guides
- Use the Roswell DPA preparation checklist
- Learn how FHA and assistance may work together
- Read the FHA loan guide for Roswell buyers
Ready to discuss your mortgage plans?
Choose the secure application for the team member you would like to work with, or contact the Bamman Team if you have questions before applying.
Source review date: July 22, 2026. Sources: Housing New Mexico mortgage-program, limits, and participating-lender pages; Consumer Financial Protection Bureau Loan Estimate guidance. This article is for general education and is not a commitment to lend or a representation that a program is available. Eligibility, funding, terms, limits, and documentation depend on current program and underwriting requirements.
