1. MFA’s Partners Program
   
Kuia Taiaroa, Executive Director, White Sands Habitat for Humanity;
Jeff Payne, Senior Director of Mortgage Operations, MFA
2018 NEW MEXICO  HOUSING SUMMIT
September 13, 2018
Albuquerque, NM

2. Support Mission of Affordable Homeownership
Provide mortgage loans to prospective homebuyers who have been prepared for homeownership but otherwise would be unable to access traditional mortgage financing.
Strengthen the development capacity for non-profit housing development organizations, tribal organizations and public housing agencies in New Mexico by allowing return of capital resources, furthering their production of affordable single family housing.
Collaboration between MFA and low-income housing providers, lenders, communities and families.

3. A Look Back Habitat’s perspective Program history
Past program features
Habitat’s Need for funding and liquidity

4. Focus Better long term success for homeowners
Use a mortgage lender for improved analysis of borrowers’ financial preparedness
Focus on employment stability and rental history
Improve program performance
Provide better return of capital to affiliates

5. Partners Program Directive
Summary of important features:
Interest rate of 0%
Maximum LTV; 90% of appraised value
Debt to Income ratios 35%/41%
Income at or below 60% of AMI
Credit Score of 620 or greater with 12 month VOR
Minimum 12 months employment stability
2% Fee paid at loan purchase

6. Sixty Percent Area Median Income
Households Earning 60% of Area Median Income or Less by Family Size 1 2 3 4 5 6 7 8
Bernalillo, Sandoval, Torrance, Valencia
27,300
31,200
35,100
39,000
42,120
45,240
48,360
51,480
De Baca
23,760
27,120
30,540
33,900
36,660
39,360
42,060
44,760
Eddy
28,800
32,880
37,020
41,100
44,400
47,700
51,000
54,300
Lea
28,140
32,160
36,180
40,140
43,380
46,620
49,800
53,040
Los Alamos
48,300
55,200
62,100
69,000
74,520
80,040
85,560
91,080
Otero
22,860
26,100
29,340
32,580
35,220
37,800
40,440
43,020
San Juan
25,260
28,860
32,460
36,060
41,880
47,640
Santa Fe
29,160
33,300
37,440
41,580
44,940
48,240
51,600
54,900
All other Counties
22,560
25,800
29,040
32,220
34,800
37,380
39,960
42,540

7. Approval to Participate
Provide information about the organization
Financial statements and audit reports
Key personnel, policies and structure
Good standing with State of NM and Habitat International
Upon approval by MFA, Participants will make themselves available for program training.
MFA’s Partners Program is available only to borrowers who obtain financing through one of MFA’s approved Participants and Lenders.
Provide information about the organization, the organization’s activities and most recent audited financial statements. Based on this information, MFA will make a determination as to the organization’s stability and administrative capability of the organization to participate.
The intent of this program is to partner with non-profit housing organizations that have limited access to other homeownership funding sources.

8. Loan Documents and Agreements
MFA and Habitat:
Application for Participation Approval
Mortgage Purchase Agreement
Income Eligibility Determination
Habitat Certifications Disclosure
Closing Agreement
Note and Mortgage
MFA and Lender:
Lender Agreement

9. Process Overview Homebuyer approved by affiliate as partner family
Apply with designated lender
Obtain loan approval from lender
Send Compliance Package to MFA for approval
Receive MFA’s authorization to close loan
Send Purchase Package to MFA for funding

10. Questions and Feedback
For more information please contact me:
Jeff Payne, Sr. Director of Mortgage Operations
(505)
Thank you!