The New Mexico Mortgage Finance Authority (MFA) has unveiled the FirstDown Plus loan program, with an allocation of $5.5 million from the New Mexico Housing Trust Fund. The initiative is designed to offer financial support to homebuyers in need.
The FirstDown Plus program, tailored for first-time homebuyers eligible for MFA's FirstHome program, seeks to supplement down payment funds. It also extends eligibility to previous homeowners who have not occupied a home as their primary residence in the past three years. The new program necessitates collaboration with MFA’s FirstHome and FirstDown programs, adhering to the same borrower eligibility criteria. FirstDown Plus offers a fixed $15,000 as a 10-year, non-amortizing loan at 0% interest. Loan forgiveness is contingent on continuous home occupancy throughout the entire 10-year period. According to an MFA press release, the program was launched on Jan. 12.
Isidoro Hernandez, MFA Executive Director/CEO, commented on the launch in an MFA press release: "FirstDown Plus is yet another mortgage program we offer to assist New Mexicans with purchasing a home and start building wealth," said Hernandez. "The higher home prices and interest rates have made homeownership more challenging, and the $15,000 made available under this program will facilitate homeownership for many qualifying New Mexicans. I encourage homebuyers to visit our website and find a participating lender to determine eligibility and start the process."
As an independent quasi-governmental organization, MFA is dedicated to ensuring access to quality affordable housing and related services for low- and moderate-income residents of New Mexico. Using resources from housing bonds, tax credits, diverse federal and state agencies, MFA aids in developing affordable rental communities, restoring aging homes, providing down payment assistance and affordable mortgages, offering emergency shelter services and managing rental assistance and subsidies according to information provided on its About webpage.