image desccription
Affordable Mortgage Loan for Homebuyers

First Home Program

MFA’s First Home Program offers a first mortgage loan with a competitive interest rate to first-time homebuyers. First-time homebuyers are individuals who have not owned and occupied a home as their primary residence (including a manufactured home on a permanent foundation) in the past three years. Eligibility for each program is based upon household income, family size and the purchase price of the home.

The First Home program can be used in conjunction with a FHA insured, VA insured and Fannie Mae’s (“FNMA”) MyCommunity™, HFA Preferred™ suite of products. USDA Rural Development guaranteed, leveraged, or direct loans are also available as well as the HUD Section 184 Indian Housing program.

First Home Program Benefits

Lower monthly mortgage payments and, in some cases, lower up-front cash requirements. The First Home program offers a safe and affordable 30 year, fixed rate; First Home has no origination or discount fee charged to the homebuyer.

Down Payment Assistance for the First Home Program

The First Down payment assistance program can be used in conjunction with the First Home program and can help to cover the required down payment, closing costs and prepaid expenses. MFA can provide more detail for the First Down program upon request.

First Home Program Qualification

An MFA-approved participating lender will review the homebuyer’s monthly income, expenses, employment and credit to determine if the First Home program best suits their needs. The participating lender will also determine the amount of down payment/closing cost assistance for which the homebuyer qualifies for, based on their situation.

Obtaining a First Home Loan

Homebuyers please contact a MFA-approved participating lender from our statewide network.

Household Income Limits

Current gross annual household income may not exceed limits listed below unless the homebuyer is planning to purchase a home in a targeted area.

Counties / By Family Size 1 2 3+
Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia) $61,600 $61,600 $70,840
Santa Fe and Los Alamos Counties $77,520 $77,520 $90,440
Farmington MSA (San Juan) $58,493 $58,493 $67,267
All Other Areas and Counties of the State $59,453 $59,453 $68,371


Purchase Price Limits

Residences financed can include single-family detached homes, town homes, condominiums, homes in planned unit developments, and permanently attached manufactured homes. Total home purchase price may not exceed the limit listed below, unless they are in a targeted area. Targeted area limits are listed below.

Area Purchase Price Limits
Santa Fe County $338,824
Los Alamos County $350.471
Taos County $263,647
All Other Areas and Counties of the State $253,809


Program Limits For Federally Targeted Areas

Household income and purchase price limits apply to specific census tracts located within certain areas of the state referred to as "targeted areas." These targeted area census tracts are listed below. Homebuyers purchasing homes in these areas do not have to be first-time homebuyers. All other program guidelines apply.

Income Limits for Targeted Areas (By Family Size)

Counties 1 2 3+
Bernalillo and Sandoval Counties $73,920 $73,920 $86,240
Santa Fe County $77,520 $77,520 $90,440
All Other Counties of the State $67,200 $67,200 $78,400


Home Purchase Price Limits for Federally Targeted Areas

Purchase Price Limit  
All Areas of the State $310,211


Other Federally Targeted Area County/Census Tracts

Please contact an MFA homeownership representative for the specific locations of the census tracts. For more information about Census Tracts, view our Lenders & Realtors Targeted Area Census Tracts list by county.

For more information, contact one of our homeownership representatives at:

Main: (505) 843-6881
Fax: (505) 243-3289

Brochures and Fact Sheets

MFA Brochures and Fact Sheets

link to more info >
Current Rates

Current interest rates

link to more info >

Sign up to receive text notifications when mortgage rates change

link to more info >
Mortgage Calculator

Use a mortgage calculator to find out what price home you can afford using a FHA or Conventional loan and how much your payments will be. 

link to more info >