WELCOME!

WELCOME!

NEW MEXICO HOUSING SUMMITAUGUST 21, 2014

MFA PROGRAMS

INSTRUCTOR

TERI BACAHOMEOWNERSHIP REPRESENTATIVE

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MFA’S ROLE

MFA PROGRAMS WORK WITH:FHAVAUSDA RHSCONVENTIONAL

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WHAT WE PROVIDE

FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS

AFFORDABLE MORTGAGES

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WHO WE HELP

FIRST TIME HOMEBUYERS

HERO HOMEBUYERS

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IRS-MANDATED PROGRAM GUIDELINES

FTHB DEFINITIONINCOME LIMITSACQUISITION COST LIMITSELIGIBLE PROPERTY TYPESOWNER MUST OCCUPY

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FTHB DEFINITION

NEVER OWNED A HOME

HAVE OWNED A HOME (3 YEAR RULE)

WAIVER FOR VETERANS

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INCOME LIMITS

BASED ON HOUSEHOLD SIZE AND LOCATION OF PROPERTY

WILL VARY FOR CERTAIN PROGRAMS(PAYMENT SAVER, HELPING HAND, SMART CHOICE & HERO)

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ACQUISITION COST LIMITS

Will vary depending on location

Targeted areas higher

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TARGETED AREAS

Higher income limits

Higher acquisition cost limits

Borrower receives lower interest rate

No need to be a FTHB

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ELIGIBILITY PROPERTY TYPES

Detached site builtCondos TownhomesManufactured (Double wide only)Single family homes only

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OCCUPANCY

Owner occupied only

Not suitable for investors

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MFA REQUIREMENTS

Minimum credit score of 620*

Borrowers must contribute a minimum of $500 of their own funds

* (Lender may have higher score requirement)

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PROGRAMS

Mortgage Saver Plus 0+0 (Grant)

Mortgage Saver Zero 0+0

Mortgage Saver 1+1

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2nd MORTGAGE DPA

Mortgage Booster

Payment Saver

Helping Hand

Smart Choice

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HOMEBUYER EDUCATION

Required of all FTHB’s

In person or on-line, depending on program

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SERVICING

Idaho Housing & Finance – 1st

MFA – 2nd

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SPECIAL PROGRAMS

HFA PREFERRED (CONVENTIONAL)

FHA 203k streamline

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HERO PROGRAM

Occupation requirements

Need not be a FTHB

Min. $1,000 borrower cash contribution

Cannot own any other real property

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HOW TO ACCESS

Only MFA-approved lenders can access

One-stop shop for borrowers

Expected transaction timeline

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CONTACT INFORMATION

HOMEOWNERSHIP DEPARTMENT: 505-843-6881

www.housingnm.org