HOMENow is a second mortgage loan program for first-time New Mexico homebuyers who have lower incomes. A first-time homebuyer is someone who has not owned and occupied a home as their primary residence in the past three years. Here are some quick facts about the HOMENow program:
- Provides the lesser of 8 percent of the sales price of the home or $8,000 to help cover down payment and closing costs.
- Must be used with MFA's FIRSTHome first mortgage loan program.
- Borrowers who earn 80 percent or lower of the area median income are eligible to use the program. To see a list of income limits, click here.
- Borrowers must contribute $500 from their own funds. The contribution cannot come from any type of gift, grant or down payment assistance.
- MFA requires a minimum credit score of 620. All homebuyers must receive pre-purchase counseling through MFA's online program, eHome America, or through an approved counseling agency.
- There is no monthly payment required for the HOMENow loan. The loan may be forgiven after living in the home for 10 full years if certain conditions are met.
For more information about the HOMENow program, click here to download a factsheet.