We have been saying for some time that now is the perfect time to buy a house...and especially if you are a first time buyer. The state of NM, along with the Mortgage Finance Authority (MFA, which is the main first time buyer program), has just come out with a new program.
You can get a no interest loan of $6,500 to assist with the purchase of your first house. This loan will convert to a 30 year fixed rate mortgage in June of 2010 if you have not paid it back. To that we say, "Who cares?!" Do you realize what the payment is on that much for 30 years? Not much at all. But, you can pay it off early because you will also get an $8,000 tax credit the next tax year when you buy a house before Dec 1, 2009. So this is a pretty good deal for a buyer.
Remember also that the definition, in my world, of a first time buyer is anybody who has not owned a home in the past three years. Give us a call and we will chat with you about this opportunity. 505-830-9685.
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