One of the biggest challenges for potential homeowners is the ability to save enough money for a down payment. The Housing Trust works with clients to determine whether they can qualify for downpayment assistance via CDBG, City Housing Trust Fund and city and county programs as well as through our own pool of revolving loans, generally distributed at a level of up to $20,000.
For each loan request that The Housing Trust receives, credit-worthiness and property values are not the only factors considered. The Housing Trust also examines the impact the loan would have on sustaining homeownership for the borrower and considers the neighborhood and broader impact the loan would have. We develop programs to meet a wide variety of lending needs and employ a variety of funding sources. Preference is granted when possible to NM veterans, special needs households, larger families, displaced homemaker-headed households, or lower income applicants (those earning less than 80% of the median income). In calendar year 2016 we assisted clients with more than $1,299,393.00 in subsidy as well as $4,434,433.00 in first mortgages.