If you're a first-time buyer shopping in Clovis, Portales, or elsewhere in eastern New Mexico, one of the most useful tools on the table is often a state program, not just a federal loan type. Housing New Mexico, the state's Mortgage Finance Authority, runs several homebuyer programs. The two I get asked about most are FirstHome and First Down.

What FirstHome and First Down are

According to Housing New Mexico, FirstHome is a 30-year fixed-rate first mortgage for first-time New Mexico homebuyers with low to moderate incomes. It can stand alone, or it can be paired with First Down, a fixed-rate second mortgage that helps with down payment and closing costs. First Down is only available with FirstHome.

There's also First Down Plus for buyers who need additional down-payment help on top of FirstHome and First Down, and Home Now for lower-income first-time buyers that may forgive the assistance after a set period if program conditions are met. Program rules, funding, and availability can change, so we always check the latest Housing New Mexico guidance before we rely on any of them.

Who it's for around here

Housing New Mexico sets income and purchase-price limits by county and household size. For Curry County, which includes Clovis, the FirstHome and First Down income limits currently in effect (as of July 27, 2026) are:

  • 1- to 2-person household: up to $94,800
  • 3 or more people: up to $110,600

For most other eastern New Mexico counties that fall under Housing New Mexico's "All Other Areas" FirstHome category, including Roosevelt County (Portales), those income caps are currently $89,000 for a 1- to 2-person household and $102,350 for a household of three or more. Homes in designated targeted-area census tracts can use higher limits, and previous homeowners may qualify there without meeting the usual first-time-buyer definition.

On purchase price, FirstHome and First Down currently cap most of the state, including Curry and Roosevelt counties, at $566,354 unless the home is in a targeted area. That covers the vast majority of homes I see buyers shopping in Clovis and Portales.

A few rules that trip people up

  • Credit score: Housing New Mexico requires a minimum credit score of 620.
  • Counseling: Every buyer in these programs must complete pre-purchase homebuyer counseling, either online through an approved provider or in person.
  • Owner-occupied: The home has to be your primary residence, and Housing New Mexico expects you to move in within 60 days of closing.
  • Loan type: FirstHome can be paired with common government and conventional loan types, including FHA, VA, and USDA, when the lender and program guidelines allow it. That matters for Cannon AFB families who may want VA financing plus state assistance when they qualify.

What this means if you're buying this winter

National headlines have been focused on rates and soft demand, but for a first-time buyer in Curry or Roosevelt County the practical question is usually simpler: do I qualify for help with the cash needed at closing, and which first mortgage fits my situation? FirstHome and First Down are worth checking early, before you write an offer, so your pre-approval and your offer strategy match.

If you've owned a home recently and don't meet the first-time definition, ask about Home Forward and its down-payment assistance instead. Housing New Mexico also has options for newly built homes, manufactured homes assessed as real property, and eligible tribal homebuyers.

What I'd do next

  • Look up the current limits for your county and household size on Housing New Mexico's income and purchase-price page.
  • Plan for counseling early. Don't leave it for the week before closing.
  • Compare FirstHome side by side with a straight FHA, VA, USDA, or conventional loan. Assistance is helpful when it fits; it isn't automatically the best path for every buyer.

If you're a first-time buyer in Clovis, Portales, or anywhere in eastern New Mexico, or a military family at Cannon AFB figuring out whether state assistance can stack with a VA loan, reach out and we'll walk through it together. Loans are subject to credit approval, Housing New Mexico and lender guidelines apply, and program rules can change, so I always confirm the latest details before we move forward.