New Mexico Mortgage Rates
December 3, 2016 06:38 AM Eastern
Mortgage Rates in New Mexico, the Land of Enchantment
New Mexico lives up to its nickname, "the Land of Enchantment," for many reasons. One of the keys to its popularity is the rugged, breathtaking desert landscape that covers much of the state. But new Mexico also boasts greenery, lakes, mountains and winter snow in the higher elevations.
If you're interested in purchasing a home in this beautiful state, you'll need to know the current New Mexico mortgage rates in order to find a home that fits your budget. New Mexico's mortgage interest rates can vary greatly from lender to lender. It's important to shop around and understand what programs the state offers for homebuyers in your position.
NM Mortgage Rates and Affordable Housing
In July of 2009, New Mexico Governor Bill Richardson announced five affordable housing projects that would move forward due to the stimulus funding. This affordable housing, combined with low NM mortgage rates, make the state a competitive choice for those looking for low-cost housing.
Mortgage Rates for New Mexico's Disabled
A significant portion of New Mexico's allocated funding for housing goes towards assisting the disabled. No matter what the current NM mortgage rates, people with disabilities often have trouble qualifying to own their own property due to limited incomes. With an increase in transitional housing being built, and programs offered to help the disabled, those with disabilities are now able to secure low NM mortgage rates while enjoying a host of other state-sponsored lending programs.
New Mexico's Helping Hand Program, for example, has been designed to help low-income families with disabled family members finance their home purchases. This program offers an interest-free loan for qualifying members. Coupled with low NM mortgage rates from participating lenders, this program can make home ownership possible for those with disabilities.
Low NM Mortgage Interest Rates from the HERO Program
New Mexico offers the HERO program to help potential homeowners in certain service occupations, including households that have at least one active member in the following fields:
• active members of any branch of the armed forces
• fire fighters
• health care workers
• safety workers
The Hero Program helps those in service occupations by offering a low cost, 30-year fixed rate mortgage.