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Valencia County Down Payment Assistance Program

Homewise, Inc. (in partnership with Valencia County) · Los Lunas, New Mexico

Last verified
See what you qualify forOfficial program site →
Assistance

$30,000

The maximum the program publishes — not an offer

Income limit

150% AMI

Of area median income; varies by county and household size

Repayment

Deferred

No payments until the home is sold or refinanced

What is Valencia County Down Payment Assistance Program?

Valencia County Down Payment Assistance Program is a deferred second loan for homebuyers in Los Lunas, New Mexico, administered by Homewise, Inc. (in partnership with Valencia County).

  • Homewise, a New Mexico nonprofit CDFI, partnered with Valencia County to offer down payment assistance for buyers purchasing a primary residence in Valencia County. Eligible participants can receive up to $30,000 in assistance, with an additional $10,000 available for newly constructed homes (builder must contribute at least $10,000). Open to first-time and repeat buyers earning up to 150% of area median income.
  • Up to $30,000 down payment assistance.
  • Additional $10,000 for new construction.
  • Open to first-time and repeat buyers.
  • Available throughout Valencia County.
  • Pairs with Homewise low-down-payment, no-PMI mortgage.
  • Funding comes from Valencia County / Homewise program funds.

How much assistance does it provide?

Valencia County Down Payment Assistance Program offers between $30,000 and $40,000 in assistance, depending on the award tier a buyer qualifies under.

  • Amounts are the program's published maximums, not an offer — Homewise, Inc. (in partnership with Valencia County) determines any individual award.

Do you have to pay it back?

Valencia County Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • The assistance is recorded in Subordinate position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Valencia County Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • Residency: Property must be located in Valencia County (Los Lunas, Belen, Peralta, Bosque Farms, Tome)
  • GAP: exact assistance structure (deferred vs forgivable), interest rate, forgiveness terms, repayment trigger, credit score, max purchase price, and homebuyer education requirement not published on the program page. Funds limited; sales must close by June 30, 2026 - verify whether program continues/renews after that date.

The program excludes

  • Households above 150% 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?

Valencia County Down Payment Assistance Program limits household income to 150% of the area median income, which varies by county and household size.

  • Households earning up to 150% of the area median income may be eligible.
  • 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?

Valencia County Down Payment Assistance Program can be used for Single Family.

  • New construction is eligible.

Where does it apply?

Valencia County Down Payment Assistance Program serves buyers purchasing in Los Lunas, New Mexico.

  • The program gives priority to designated target areas, so the address matters as well as the county.

How do you apply?

Applications for Valencia County Down Payment Assistance Program go through Homewise, Inc. (in partnership with Valencia County), which publishes the current terms and the application steps on its own site.

  1. Contact Homewise, Inc. (in partnership with Valencia County) to reserve funds

    Funds are reserved through First-come, first-served; limited funds; must close by June 30, 2026, and are subject to availability.

  2. 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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