It might not seem like the right time to think about getting into the housing market, but it's never too soon to learn to be a prudent home buyer.
Angela Muxworthy said first-time homeowners should learn about buying a home before they make their purchase. Muxworthy, who is a mortgage manager at the New Mexico Educators Federal Credit Union, said the foreclosure crisis happened because people didn't educate themselves about the market.
"Everybody felt like they should have a home, and no one was really fiscally prepared for the work that comes with homeownership," she said.
Muxworthy attended the Housing Summit and Housing Assistance Workshop, hosted by Rep. Martin Heinrich on Saturday.
Representatives from more than a dozen other housing and mortgage associations attended the event as well. They answered questions and talked with potential home buyers and those dealing with foreclosures.
Heinrich said New Mexico hasn't been hit as hard as other states by the foreclosure crisis.
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"I think we're lucky right now in New Mexico in that as challenging as the market has been, and with the changes that we've seen, we have not seen some of the extreme situations that exist around the country," he said.
Muxworthy said anyone who is interested can attend a free workshop at NMEFCU to learn about the process and problems involved in buying a home. Information on upcoming workshops is available at Nmefcu.org.
She said the workshop teaches students about issues including the importance of a credit score, the requirement of down payments to buy a home, the difference between fixed and adjustable interest rates, and how buyers can be taken advantage of.
Sandy Valles, of Southwest Neighborhood Housing Services Inc., said her association offers classes that will find the credit score of applicants, determine affordable housing payments for their budget and help them figure out what to look for in a home.
Resident Pat Stevenson said that when her children were buying their first home, she made sure they focused on buying something they could afford.
She said house payments are a priority and have to be paid before any other bills.
Muxworthy said home buyers looking for assistance in financing their purchases should get mortgage loan offers from many banks to compare the packages and find the best deal. Once owners find a bank to work with, they should check with the Better Business Bureau to see if people have complained about that bank, she said.
Eunice Mondragon, spokeswoman for New Mexico Mortgage Finance Authority, said MFA offers several programs for first-time home buyers. The MFA also offers a down payment grant program for eligible applicants.
The Mortgage Saver Program allows households in Bernalillo, Sandoval, Torrance and Valencia counties to have a 30-year fixed rate lower than the market rate, according to the MFA. To apply for the loan, residents must have good credit, have low to moderate income and buy a home below a certain price range.
