The New Mexico Mortgage Finance Authority (MFA) is highlighting the impact of its homeownership programs, which have seen a significant increase in the number of first-time homebuyers in the state. According to a press release by MFA, the programs are available for both first-time and non-first-time homebuyers.
Rene Acuña, MFA's Director of Homeownership, stated, "There has been a significant increase in the number of first-time homebuyers in New Mexico due to MFA's programs."
In the fiscal year 2022, MFA provided over $19.7 million in funding to support 1,844 New Mexico households in purchasing their homes through various down payment assistance programs. These programs are subject to specific income and purchase-price limits. MFA works in collaboration with mortgage lenders, realtors, and partners like Habitat for Humanity affiliates. (Source)
MFA offers a range of programs to help New Mexicans achieve their dream of homeownership. These programs include FirstHome and FirstDown, which are mortgage loan programs designed for individuals or families who have not owned a home in the past three years. FirstHome can be used with MFA's down payment assistance program, FirstDown, or as a standalone first mortgage.
Another program, HomeNow, is a down payment and closing cost second mortgage loan available to first-time homebuyers with lower household incomes. It features a 0 percent interest rate and may be forgiven after 10 years, provided certain conditions are met.
For individuals or families who have owned a home in the past three years or do not qualify for MFA's FirstHome loan program, there is the HomeForward mortgage loan program. It can be used in conjunction with MFA's down payment assistance programs or as a standalone first mortgage. (Source)
“From lower-than-market mortgage rates to down payment and closing cost assistance, we continue to help New Mexicans realize their dream of owning a home,” said Rene Acuña, according to a press release by MFA. “MFA is continually adding programs, so we encourage people to visit our website at housingnm.org and search ‘homebuyers’ to learn more about what we offer. Our website features a helpful ‘Getting Started’ section that addresses many questions people may have.”
With its range of programs and assistance options, MFA continues to help New Mexicans realize their dream of owning a home.