MFA Loan Programs

FirstHome and 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.)

Checklists and Sample FormsManuals and Policies | FirstHome & FirstDown English Factsheet
FirstHome & FirstDown Spanish 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.

Checklists and Sample Forms | Manuals and Policies | NextHome English Factsheet | NextHome Spanish 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.

Checklists and Sample Forms | Manuals and Policies | HomeNow English Factsheet | HomeNow Spanish Factsheet

HFA Preferred™ Conventional Loan Program

Requires a down payment of just three percent and allows LTV/CLTV ratios of up to 97/105. Lower-income borrowers get the best pricing and have a lower mortgage insurance coverage requirement. See term sheet for program details.

Checklists | Manuals and Policies | Mortgage Insurance Companies