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Homebuyer Equity Leverage Partnership (HELP)

Federal Home Loan Bank of Dallas (through participating member institutions) · New Mexico

Last verified
See what you qualify forOfficial program site →
Assistance

$25,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven after 5 years

What is Homebuyer Equity Leverage Partnership (HELP)?

Homebuyer Equity Leverage Partnership (HELP) is a forgivable loan for homebuyers in New Mexico, administered by Federal Home Loan Bank of Dallas (through participating member institutions).

  • HELP is a grant-style down payment and closing cost assistance program from the Federal Home Loan Bank of Dallas, available only through participating FHLB Dallas member financial institutions. For 2026, FHLB Dallas allocated $17 million, with up to $25,000 per household for homes located in New Mexico or Texas. Funds are structured with a five-year homeowner retention requirement under AHP regulations.
  • Up to $25,000 for NM homebuyers.
  • Applied directly to the mortgage at closing.
  • For first-time homebuyers at or below 80% AMI.
  • Forgiven over a 5-year retention period.
  • Pairs with member lender's first mortgage.
  • Funding comes from FHLB Dallas Affordable Housing Program (HELP set-aside) - $17 million allocated for 2026.

How much assistance does it provide?

Homebuyer Equity Leverage Partnership (HELP) offers up to $25,000 in assistance.

  • Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Dallas (through participating member institutions) determines any individual award.

Do you have to pay it back?

Homebuyer Equity Leverage Partnership (HELP) is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Sale, refinance, or transfer of the home before the end of the 5-year retention period (subject to AHP retention/recapture rules).
  • The assistance is recorded in Subordinate (retention agreement) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homebuyer Equity Leverage Partnership (HELP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • On credit: Set by participating member institution's underwriting
  • A completed homebuyer education course, through Must complete a homebuyer counseling program
  • Residency: Property located in New Mexico (NM/TX qualify for the higher $25,000 amount)
  • Available only via participating FHLB Dallas member institutions. Homebuyer must contribute $500 of own funds, complete counseling, commit to 5-year retention, and may not receive cash back at closing. GAP: exact recapture formula and manufactured/new construction eligibility set per AHP Implementation Plan. As of June 4, 2026, $693,204.28 remained, with additional offerings June 15 and Sep 8, 2026.

The program excludes

  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Homebuyer Equity Leverage Partnership (HELP) limits household income to 80% of the area median income, which varies by county and household size.

  • Household income at or below 80% of area median income (AMI) as defined by HUD.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Homebuyer Equity Leverage Partnership (HELP) can be used for Single Family.

Where does it apply?

Homebuyer Equity Leverage Partnership (HELP) serves buyers purchasing anywhere in New Mexico.

How do you apply?

Applications for Homebuyer Equity Leverage Partnership (HELP) go through Federal Home Loan Bank of Dallas (through participating member institutions), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through Must complete a homebuyer counseling program.

  2. Contact Federal Home Loan Bank of Dallas (through participating member institutions) to reserve funds

    Funds are reserved through First-come, first-served through FHLB Dallas members; 2026 funds offered in rounds (Jan 2, Apr 6, May 4, Jun 15, Sep 8, 2026) until exhausted or Dec 31, 2026, and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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