Boosting Homeownership: New Mexico Mortgage Finance Authority Rolls Out Programs

The New Mexico Mortgage Finance Authority (MFA) is turning heads with its groundbreaking homeownership programs. These initiatives have dramatically boosted the number of first-time homebuyers in New Mexico. According to recent announcements from the MFA, these game-changing homeownership programs are not just restricted to first-time buyers but are also open to those who are returning to the housing market.

“The surge in first-time homebuyers in our state can largely be attributed to MFA’s impactful programs,” proclaimed Rene Acuña, MFA’s Director of Homeownership. He went on to detail how MFA has channeled over $19.7 million during the 2022 fiscal year to aid 1,844 households in New Mexico in sealing the deal on their dream homes. This has been executed through a portfolio of down payment assistance programs, each having its own set of income and purchase-price criteria.

But MFA doesn’t operate in a vacuum. This organization collaborates with a network of mortgage lenders, real estate professionals, and non-profit organizations like Habitat for Humanity to make homeownership a reality for more New Mexicans.

When it comes to the types of programs offered, MFA doesn’t take a one-size-fits-all approach. For example, they offer the FirstHome and FirstDown programs, specifically crafted for those who haven’t owned a home in the previous three years. The FirstHome program can be combined with FirstDown, MFA’s down payment assistance program, or used as an independent first mortgage.

Then there’s HomeNow, tailored for first-time homebuyers who might not have a high household income. This program not only offers down payment and closing cost support but does so as a second mortgage loan at a zero percent interest rate. And here’s the kicker: the loan could be completely forgiven after 10 years if certain conditions are met.

For those who have been homeowners in the last three years or don’t fit the FirstHome eligibility criteria, MFA hasn’t forgotten you. Their HomeForward program is a flexible mortgage loan offering that can also be paired with MFA’s down payment assistance initiatives or stand on its own.

“In addition to offering below-market mortgage rates, we’re committed to helping New Mexicans tackle down payments and closing costs. We’re in the business of making dreams come true,” said Rene Acuña. He also urged prospective homebuyers to check out the MFA’s website, housingnm.org, where a ‘Getting Started’ section is available to answer any queries.

All in all, MFA is continuously innovating and expanding its program offerings. So, if you’ve ever dreamt of owning a home in New Mexico, now might just be the perfect time to explore what the MFA has in store for you.