Bill > HB176

This bill establishes a "Zero Interest Down Payment Loan Fund" to assist first-time homebuyers in New Mexico by providing loans with no interest for up to twenty percent of a home's purchase price, secured by a mortgage. Importantly, this fund will be financed by redirecting certain revenues that were previously designated for the Early Childhood Education and Care Fund, the Behavioral Health Trust Fund, and the Medicaid Trust Fund, with these changes taking effect on July 1, 2026. The bill also outlines that the Mortgage Finance Authority will administer the fund and provide these loans to eligible buyers, defined as individuals whose household income is less than four hundred percent of the federal poverty level, and specifies that the loan balance becomes immediately due if the home is sold within thirty years.

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https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=176&year=26