if you are planning for FHA loan, then 3.5%-5% down will be enough... For conventional loan you would require minimum 10% down payment.. For further information you can visit the following website

Maybe None! You might qualify for the New Mexico MFA program which helps with the down and closing costs. You may qualify for some FHA programs that will also help.
I hope you find your dream home!
Rio Rancho also has first time home buyer programs where they might contribute $4000.00. Some are saying you might also be able to use the $8,000.00 tax credit from the fedueral government. See more about the program on my web blog address below.

Mark.Wingert@ColdwellBankerLegacy.com

all what you need on fico score its 580 and check for FHA rates visit this site
you can get all the info you need and all an writing no surprises http://www.amerisave.com/partner/rmaldonado

Hi Yvette. John Martinez here in Albuquerque with Coldwell Banker Legacy. Ordinarily you would need 3% down for an FHA ( Federal Housing Administration) loan. These are government insured loans and are not credit scored based. You just need to provide consistent 12 month employment and fall within certain debt to income ratio guidelines to qualify. I can help you with this, anytime. There are down payment assistance programs usually with the New Mexico Finance Authority which distributes large chunks of money to1st Time Home Buyers on 30 year fixed rate mortgages. Current rates are between 5.825% to about 6.325% depending on which program you prefer. It's not uncommon for sellers, especially bank forclosures, builder specs or sometimes short sales where the seller may agree to assist you with some or all of your closing costs. I am always happy to visit with you at 800-658-6149 x 5695 if you want more information. If you are coming to Albuquerque I would happy to have an in person and no-obligation consult. I can also be reached at 505-239-2154sellular! GOOD LUCK!

Hi Yvette! Do we know each other? I was raised in Silver City...my parents live in Pinos Altos...Are you working with a REALTOR? Will you be purchasing your first home in the Silver City area? I can refer an agent in your area. Also, I work with a mortgage broker here in Albuquerque that is also originally from Silver City. His name is Pat Brown he is owner of PML Mortgage llc and his website is http://www.pmlmortgage.net you can also call him toll free at (866) 786-5558 Let me know if I can help out in any way!! HUGS, Mona

It good to see that you are wanting to take the first step toward home ownership, pre-qualifying before looking. It is important to set limits for yourself on how much you can spend on housing, ie., house payment, insurance, taxes, maintanance, etc. The first thing to do is get in touch with a mortgage broker who can help you determine what your credit score is and your income to debt ratio. There are a lot of mortgage programs available with no down payment or very little down payment for first time home buyers.

There are programs where you can come to the table with out any money down. Your realtor can negociate an offer where the seller will pay your closing costs. Call Sandra Train Lewallen Mortgage 505-507-3155. She will go the extra mile to get you a loan that you will be comfortable with.

Talk to Mace at Anchor Mortgage at 505-897-4900. He's a good man and is in the mortgage business up here in Albuquerque, but may have some information for you. Or visit his website at http://anchormortgagehome.com/ for more information.

Best Regards & Good Luck!

Ken