State to Sell New Homes @ ZERO Down and $1500 per month

Phase 1 – The plan involves selling houses at cost, with a monthly payment of $1,500 and no down payment required. This proposal is not about providing free housing, but rather about making these homes accessible at cost. The 7% interest rate reflects the return the state investment council seeks to achieve through its investments. This approach offers another avenue for the state to support residents who can handle reasonable housing payments, allowing them to become homeowners with zero down payment and affordable monthly obligations.

The State will collaborate with licensed contractors and realtors across New Mexico. Phase 1 applicants will encompass all police, fire, and correctional officers, as well as teachers and eligible Native Americans.

Phase 2 - applicants will be selected based on various statewide discussions and the results of Phase 1 applicants. 

As the housing market expands, the availability of rental property increases, leading to a decrease in rental costs.