In the past the program has helped first time homebuyers or Hero’s in our community to achieve their dreams of homeownership. Effective 10/1/15, NM MFA are totally redesigning their single family program into a couple options that will simplify the process and allow more families to have flexible financing options available to purchase a home. Here’s what those new programs will look like:
NEXT HOME: This a new first mortgage program that can be used for first time home buyers or repeat buyers, regardless of their occupation! It provides a 3.0% down payment assistance grant towards down payment and/or closing costs. The statewide income limits based on lender qualifying income is at $75,000 per year regardless of family size. The sales price limit is $350,000, regardless of where you’re purchasing in New Mexico. This program can be used in conjunction with FNMA HFA Preferred loans, FHA, VA and USDA.
FIRST HOME: A first mortgage program for first time homebuyers. It will be very similar to their existing Mortgage Saver program. There will be qualification guidelines for income based on household and family size and sales price limitations based on county. Those details are available at www.nmmfa.org It’s basically a lower than market interest rate product and used in conjunction with FNMA, FHA, VA and USDA loans.
FIRST DOWN: A second mortgage program for first time homebuyers that pairs with the FIRST HOME program. It will have an amortizing 30 year fixed rate loan to help assistance first time buyers with down payment and/or closing costs. There will be similar to the existing Mortgage Booster loan program today with income and sale price limits which are also available for reference on MFA’s website.
All programs require a borrower contribution of $500 of their own money, but have down payment assistance to help them achieve their dream of homeownership. If you, a family member, friend or co-worker is interested in finding out more about these new programs, give us a call today. It would be our pleasure to help and your family achieve the dream of homeownership!