FHA & NMFA have combined to update the $500.00 down program to allow 1st time home buyers and folks who haven't owned home in the past 3 years to purchase a new home up to $243,945 in Bernalillo county with a total of $500.00 out of pocket.  In English this means you can purchase a new or existing home valued at $175,000 for $1,225/mo with $500 total down, with a 30 year 1st mortgage at 4% and a NMFA 2nd mortgage for 6.0%.  Conventional mortgages are also available with as little as 5% down with similiarly attractive rates.