MFA is pleased to announce that the FIRSTDown second mortgage down payment assistance loan; has been enhanced to offer borrowers a choice of rate and term. In addition to the 30-year term currently being offered, MFA will begin offering 15-year and 10-year term options.
Borrowers opting for a shorter amortization period will have the advantage of a lower interest rate, which will also lower the amount of total interest paid over the life of the loan. All FIRSTDown loans are fully amortizing for the term chosen and do not have a pre-payment penalty.
Rates for each term will be posted on our website beginning March 1, 2021 and are subject to change at any time.
It is important to note that the FIRSTDown rates offered for each loan term will change every time the FIRSTHome program rates change.
For new reservations made on March 1, 2021 and thereafter, PowerLender will display the additional FIRSTDown rate and term options. The lender must ensure that the borrower is disclosed according to the corresponding term, rate, and monthly payment prior to lock confirmation. Rates are subject to change in accordance with MFA’s current Rate Lock Confirmation process.
We will post a short training video within the PowerLender Portal in the coming weeks.
Should you have additional questions regarding the FIRSTDown program enhancement, please contact an MFA homeownership representative:
Teri Baca - 505.238.7375
Eunice Duran - 505.239.1301
Thank you for participating in MFA programs.