Valencia County homebuyers can get up to $40,000 in assistance

Valencia County homebuyers now have a way to cover much of the cash that usually stops a mortgage application at the starting line: eligible households can receive up to $40,000 in assistance, but only if the sale closes by June 30, 2026. In a county where housing costs and thin inventory keep pressure on buyers, the program is meant to help renters and would-be owners stay in Los Lunas, Belen, Peralta, Bosque Farms, Tome and the rest of Valencia County instead of being pushed farther from work, school and family support.

The structure is straightforward. Buyers can receive a $30,000 down payment assistance loan, and those purchasing newly constructed homes can qualify for an additional $10,000 that can be used as extra down payment help, a price reduction, a closing-cost credit, an interest-rate buy-down or another county-approved concession. Homewise says the program is open to first-time buyers and current homeowners purchasing a new primary residence, and it can be used on either an existing home or new construction. If the home is new, the builder must contribute at least $10,000 toward the transaction.

Income remains the main gatekeeper. Homewise says the program is available to households earning up to 150 percent of the area median income. Using the county median household income of $58,933 in 2024 dollars, that works out to roughly $88,399 a year. That puts the program within reach of many working families who can support a mortgage payment but have not built up enough savings to clear the down payment hurdle. It also means the assistance is not aimed at luxury purchases; it is designed to bridge the gap between qualified borrowing power and the cash most buyers need to get to closing.

County Manager Jhonathan Aragon has framed the effort as a way to help families put down roots, while Homewise COO Elena Gonzales has said down payment costs are often the biggest barrier to buying a home. The county adopted its affordable housing program on February 18, 2026, and later approved an amended affordable housing ordinance that passed on March 4 and took effect on April 3, giving the policy a formal footing under the Affordable Housing Act framework. New Mexico Department of Workforce Solutions also points to its Office of Housing, created in April 2025, as part of the state response to the housing shortage and homelessness. For a buyer who is otherwise ready, the question is no longer whether the monthly payment can work. It is whether there is enough cash to get to closing.