MFA loans in New Mexico

[Wes Butler]

Newbie here... I'm trying to get back into real estate after a loooong break. Well, my REI didn't actually launch. I flipped one house with a tidy profit right before the bubble burst in 2008. I got discouraged, then moved on to other things.

I had taken a job overseas and I just got back over a year ago. Due to circumstances that have a long explanation (too long for this post, lol), I had to lease. My lease is now up and I intend on buying an oo home.

I have a small amount of funds I can use toward an owner occupied home, which will free up more of my income for savings which will grow to a sizable amount in a year that I can then use to start REI again. I might even rent out the oo home at that time and find myself another one to live in.

Anyway, my question for the forum is this: I can use my money for a down payment, but I stumbled across this website: http://housingnm.org/

They have grants (not to be paid back) for up to 3% down payment assistance, and I think I qualify. I know I will live in the home for at least a year. This would make my ROI nearly infinite ($500 required out of pocket) when I sell or rent it after my year living in it.

Has anyone taken advantage of this? Pros? Cons? I don't want to find myself in a situation where I say to myself, "I didn't think of that."

I did a forum search on here, but couldn't find anything. If I overlooked it, then please point me in the right direction. Thanks in advance.

Wes