WELCOME! MFA Programs

MFA’S ROLE MFA has funds available to finance your home purchase. Down payment assistance is available.

Loan types MFA programs may be coupled with: FHA VA USDA HFA Preferred conventional

MFA requirements Buyer must invest a minimum of $500 of your own funds in the purchase. Buyer must have a credit score of at least 620. MFA allows alternative credit.

MFA requirements Every first-time homebuyer must take our on-line homebuyer education class: https://app.ehomeamerica.org/nmmfa Cost is $45 and certificate of completion is valid for one full year.

Types of properties we finance Single-family Detached site-built Condos Townhomes Manufactured (multi-wide, on permanent foundation).

First Home program First Home is exclusively for first-time homebuyers or those who haven’t owned a home as their primary residence for at least three years. Military veterans are exempt from the 3-year rule.

First Down Program Optional second mortgage that provides assistance with down payment and closing costs. You can get up to $8,000!

First Down Program First Down can finance: The minimum required down payment Closing costs Pre-paid tax and insurance escrows Upfront mortgage insurance costs.

First Home income limits Effective June 18, 2018: ALBUQUERQUE MSA 1-2 person household: $65,000 3 or more: $74,750 Please note that program guidelines require that all income be counted (O/T, commissions, bonuses, etc.) Limits will vary in other areas of New Mexico.

Acquisition cost limit: $271,165 Will vary in other areas of New Mexico

TARGETED AREA BENEFITS FTHB requirement is waived. Income limits are higher. Home sale price limits are higher.

TARGETED Area income and acquisition limits: Effective June 18, 2018: ALBUQUERQUE MSA 1-2 person household: $78,000 3 or more: $91,000 Acquisition: $331,423

TARGETED CENSUS TRACTS Bernalillo: Census Tract 15 Census Tract 20 Census Tract 9.01 Census Tract 9.03 Census Tract 6.04 Census Tract 47.35 Bernalillo Cibola Curry Dona Ana Luna McKinley Otero Sandoval Santa Fe Sierra Socorro

How your client can access these benefits Choose an MFA-approved lender from our list: http://www.housingnm.org/homebuyers/find-a-participating-lender Lender works with MFA directly on your behalf . One-stop shop!

How the process works Lender takes the application and determines if you qualify. Lender then processes, underwrites and reserves MFA funds for you. Lender submits electronic file to MFA for compliance review.

Eunice Duran, Homeownership Representative Thank you! Call, text or email me! Eunice Duran, Homeownership Representative Cell: 505-239-1301 eduran@housingnm.org