NM HB200

Creates the New Homes for New Mexico Program administered by the New Mexico Mortgage Finance Authority to provide zero-interest loans to first-time homebuyers purchasing starter homes from eligible builders

Loans capped at $50,000 per household, or $75,000 in high-cost counties (Los Alamos, Santa Fe, and Taos)

Eligible buyers must earn below 120% of area median income for a family of four and must occupy the home as their primary residence

Starter homes limited to 1,800 square feet on lots no larger than 5,000 square feet, with construction completed within three years of program selection

Loans must be repaid upon sale of the property or if the buyer fails to maintain it as their principal residence; repayments are recycled to fund future eligible buyers