How the MFA Loan Process Works
New Mexico Mortgage Finance Authority (Housing New Mexico/MFA) has been offering mortgage assistance since it was created through the state legislature in 1975. Housing New Mexico/MFA continues to help New Mexico families get into homes by working with preferred lenders to offer down payment and mortgage assistance. Preferred lenders are available to assist New Mexicans through the homebuying process.
How the MFA Loan Process Works
1
Lender takes the application & qualifies the borrower for a loan
FHA, VA, USDA (all government insured) OR HFA Preferred Conventional (requires private MI).
2
Lender ensures that borrower meets basic MFA requirements
620 credit score, has at least $500, is buying a single-family property.
3
Lender determines which MFA programs are options
The lender should consider the FTHB status and income level and explain to the borrower which loan would serve them best. The borrower makes the final choice.
4
Lender processes, underwrites and determines when to lock with MFA
May lock when under contract; 60-day free lock.
5
Lender sends file to MFA for compliance review
Initial review takes appromixmately three days. May close after approval.