1. WELCOME!
MFA Programs

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

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

4. 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.

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

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

7. 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.

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

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

10. 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.

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

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

13. 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

14. 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

15. How your client can access these benefits
Choose an MFA-approved lender from our list:
Lender works with MFA directly on your behalf . One-stop shop!

16. 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.

17. Eunice Duran, Homeownership Representative
Thank you!
Call, text or me!
Eunice Duran, Homeownership Representative
Cell: