FIRSTHome & FIRSTDown
FIRSTHome is MFA's primary first-time homebuyer program, which can be used to finance any single-family property. FIRSTDown is a down payment assistance second mortgage loan for first-time homebuyers.
FIRSTDown must be combined with the FIRSTHome program. However, FIRSTHome may also be used with the HOMENow second mortgage program. (See below for information on HOMENow.)
Sample Forms | Manuals & Policies | Checklists | FIRSTHome & FIRSTDown Factsheet
NEXTHome is a combination first mortgage loan and down payment assistance second mortgage loan that is available to qualifying first-time homebuyers as well as non first-time homebuyers. It has a single statewide qualifying income limit and purchase price limit.
Sample Forms | Manuals & Policies | Checklists | NEXTHome Factsheet
HOMENow is a second mortgage loan available to first-time homebuyers with income at or below 80 percent AMI. The program provides the lesser of 8 percent of the sales price or $8,000, which can be used to finance the minimum down payment and closing costs. The HOMENow second mortgage loan has a 0-percent interest rate and is non-amortizing. The loan may be forgiven after 10 years if the borrower satisfies certain requirements.
Sample Forms | Manuals & Policies | Checklists | HOMENow Factsheet
HFA Preferred Conventional Loan Program
Loans up to 97 percent of loan-to-value ratio; lower income borrowers have insurance coverage requirements. Ideal for first time homebuyers who need extra flexibility on credit and income sources and assistance with down payment and closing costs.
Manuals & Policies | Checklists