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WELCOME!. NEW MEXICO HOUSING SUMMIT AUGUST 21, 2014. MFA PROGRAMS. INSTRUCTOR TERI BACA HOMEOWNERSHIP REPRESENTATIVE. MFA’S ROLE. MFA PROGRAMS WORK WITH: FHA VA USDA RHS CONVENTIONAL. WHAT WE PROVIDE. FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS AFFORDABLE MORTGAGES. - PowerPoint PPT Presentation
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WELCOME!
NEW MEXICO HOUSING SUMMITAUGUST 21, 2014
MFA PROGRAMS
INSTRUCTOR
TERI BACAHOMEOWNERSHIP REPRESENTATIVE
3
MFA’S ROLE
MFA PROGRAMS WORK WITH:FHAVAUSDA RHSCONVENTIONAL
4
WHAT WE PROVIDE
FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS
AFFORDABLE MORTGAGES
5
WHO WE HELP
FIRST TIME HOMEBUYERS
HERO HOMEBUYERS
6
IRS-MANDATED PROGRAM GUIDELINES
FTHB DEFINITIONINCOME LIMITSACQUISITION COST LIMITSELIGIBLE PROPERTY TYPESOWNER MUST OCCUPY
7
FTHB DEFINITION
NEVER OWNED A HOME
HAVE OWNED A HOME (3 YEAR RULE)
WAIVER FOR VETERANS
8
INCOME LIMITS
BASED ON HOUSEHOLD SIZE AND LOCATION OF PROPERTY
WILL VARY FOR CERTAIN PROGRAMS(PAYMENT SAVER, HELPING HAND, SMART CHOICE & HERO)
9
ACQUISITION COST LIMITS
Will vary depending on location
Targeted areas higher
10
TARGETED AREAS
Higher income limits
Higher acquisition cost limits
Borrower receives lower interest rate
No need to be a FTHB
11
ELIGIBILITY PROPERTY TYPES
Detached site builtCondos TownhomesManufactured (Double wide only)Single family homes only
12
OCCUPANCY
Owner occupied only
Not suitable for investors
13
MFA REQUIREMENTS
Minimum credit score of 620*
Borrowers must contribute a minimum of $500 of their own funds
* (Lender may have higher score requirement)
14
PROGRAMS
Mortgage Saver Plus 0+0 (Grant)
Mortgage Saver Zero 0+0
Mortgage Saver 1+1
15
2nd MORTGAGE DPA
Mortgage Booster
Payment Saver
Helping Hand
Smart Choice
16
HOMEBUYER EDUCATION
Required of all FTHB’s
In person or on-line, depending on program
17
SERVICING
Idaho Housing & Finance – 1st
MFA – 2nd
18
SPECIAL PROGRAMS
HFA PREFERRED (CONVENTIONAL)
FHA 203k streamline
19
HERO PROGRAM
Occupation requirements
Need not be a FTHB
Min. $1,000 borrower cash contribution
Cannot own any other real property
20
HOW TO ACCESS
Only MFA-approved lenders can access
One-stop shop for borrowers
Expected transaction timeline
21
CONTACT INFORMATION
HOMEOWNERSHIP DEPARTMENT: 505-843-6881
www.housingnm.org