FIRSTHome is a first mortgage loan program for first-time homebuyers who have low and moderate 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 FIRSTHome program:
- May be used with either of MFA's down payment assistance second mortgage loan programs: FIRSTDown or HOMENow. Can also be used as a stand-alone first mortgage.
- Exclusively for first-time homebuyers.
- Borrowers must meet income guidelines. To see a list of income limits, click here.
- Works with FHA, VA, USDA and HFA Preferred Conventional mortgage loans.
- 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 American, or through an approved counseling agency.
For more information about the FIRSTHome program, click here to download a factsheet.