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Mortgage Programs

MFA's mortgage programs provide homebuyers with down payment and closing cost assistance as well as competitive interest-rate mortgage loans. An MFA participating lender will help you determine which program is best for you. You can find a list of participating lenders here.

A minimum credit score of 620 is required. All homebuyers must receive pre-purchase homebuyer counseling. Borrowers must contribute at least $500 from their own funds. View MFA's income limits and purchase price page to see if your household income meets MFA program requirements.

FirstHome and FirstDown

A mortgage loan for individuals or families who have not owned a home in the past three years. It may be used with MFA’s down payment assistance program, FirstDown or as a stand-alone first mortgage.

NextHome

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. The second mortgage loan requires no monthly payment and may be forgiven if certain conditions are met.

HomeNow

A down payment and closing cost second mortgage loan that is available to available to first-time homebuyers who have lower household incomes. The loan has a 0 percent interest rate and may be forgiven after 10 years if certain conditions are met.

For more information about any of MFA's homebuyer programs, please contact a homeownership representative at 505.843.6881 or send an email through the "contact us" button.