Mesilla Valley Habitat for Humanity Homeownership Program

What is Mesilla Valley Habitat for Humanity Homeownership Program?

Mesilla Valley Habitat for Humanity Homeownership Program is a first mortgage for homebuyers in Las Cruces, New Mexico, administered by Mesilla Valley Habitat for Humanity.

• Mesilla Valley Habitat for Humanity offers hardworking families in Doña Ana County the chance to buy a simple, decent home sold at no profit with no interest charged. Selected partner families contribute 250 sweat-equity hours per adult (150 on the construction site, 75 in volunteer/ReStore work, 25 in financial coursework). Interest sessions run October-April and applications are accepted in May each year.
• No-interest (0%) mortgage.
• Home sold at no profit.
• Financial preparedness and life-management coursework.
• Sweat-equity model builds pride and skills.
• Affordable monthly payments based on income.
• Funding comes from Mesilla Valley Habitat for Humanity (donations, ReStore proceeds, grants, City of Las Cruces funding to build affordable homes); volunteer-built homes.

Do you have to pay it back?

Mesilla Valley Habitat for Humanity Homeownership Program is a first mortgage and is repaid under the terms set by Mesilla Valley Habitat for Humanity.

• Repayment is triggered by Affordable no-interest mortgage repaid in monthly installments; homes are sold at no profit and with no interest charged. Specific resale/recapture lien terms not published on the primary source.
• The assistance is recorded in First (mortgage held by Mesilla Valley Habitat for Humanity) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Mesilla Valley Habitat for Humanity Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Mesilla Valley Habitat for Humanity Homeownership Program sets its income limit as follows: Income requirements assessed against program criteria; specific AMI percentage and dollar limits are determined at application and not published on the public site. Program serves low-income families in need of decent, affordable housing.

• The limit applies to total household income, not only the borrower’s.
• 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?

Mesilla Valley Habitat for Humanity Homeownership Program can be used for Single-family detached (newly built Habitat home).

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Mesilla Valley Habitat for Humanity Homeownership Program serves buyers purchasing in Las Cruces, New Mexico.

How do you apply?

Applications for Mesilla Valley Habitat for Humanity Homeownership Program go through Mesilla Valley Habitat for Humanity, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Mesilla Valley Habitat for Humanity (25 of the 250 sweat-equity hours per adult are coursework in Financial Preparedness & Life Management).

2. 2

   Contact Mesilla Valley Habitat for Humanity to reserve funds

   Funds are reserved through Annual cycle: interest session October-April; applications distributed first business day of May and due the last business day of May, and are subject to availability.

3. 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.