HOME-New
Mexico
(HNM) will assist any family who has a person living in the household
with a disability. HNM helps eligible families obtain financing
and down payment assistance to buy a home. HNM does not provide
mortgage funds directly. Instead, HNM has established partnerships
with public and private institutions to make financing accessible
and affordable for low-income families. Each lender will base
their financing decisions on specific underwriting criteria.
HNM
cannot guarantee approval of financing nor availability of down
payment assistance funds, regardless of the family situation.
Families must reside in New Mexico or have plans to move to New
Mexico.
HOME-New
Mexico
provides the following services:
Home
Buyer Counseling
Once
we receive your application
we will call you within one week to set up a time for an individual
orientation. If you live outside Bernalillo, Valencia or Sandoval
counties, or if you do not have readily available transportation,
we will call you to make other arrangements. During counseling
we will discuss what financing options are available based on your specific
circumstances. We will help you understand the difference between mortgage products,
interest rates, special programs and down payment assistance.
We will guide you through every step in the home
buying process, from the mortgage application to the day of closing
and beyond. We supplement
the one-on-one counseling with a first-time homebuyer's class,
which provides an excellent overview of the homebuying process.
HOME-New Mexico has been certified by the U.S. Department of Housing
and Urban Development as well as the New Mexico Mortgage Finance
Authority as a housing counseling provider.
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Budgeting
and Money Management
In
order to determine how much of a mortgage payment you can afford,
we will help you analyze your monthly income and expenses. You will
then be able to create a monthly budget and we can give you tips on
how to manage your money, cut expenses and save more money each month.
It is important to create a realistic spending plan and consider
that as a homeowner, you will have more expenses such as property
maintenance, repairs, and utilities.
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Credit
History
HOME-New
Mexico can order your credit report in our office
and
review it with you. Knowing and understanding your credit
is the first step in preparing for homeownership. We provide explanations
on how a credit report works, and discuss what you will need to do to improve
your credit history and scores. The in-file credir report pulls information
from all three credit reporting agencies including Equifax, Experian and Trans
Union Corporation. There is a small fee you will incur to have your credit
report generated. If you do not have a "traditional" credit history or scores,
we will help you establish a "non-traditional" credit report that will be
acceptable to mortgage lenders.
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