Apr 24, 2020 2020-09
Advance Notice of Upcoming Revised Program Acquisition/Purchase Price and Income Limits
Revised program limits will apply to FIRSTHome/FIRSTDown and NEXTHome/NEXTDown
HUD will release its new income and acquisition/purchase price limits in the near future. The timing between receipt of the release from HUD and the MFA release will be a very short window. Therefore, MFA wants to give the lenders advance notice of the upcoming change to the Limits.
It is our current understanding that HUD’s revised purchase price limits will be effective with reservations dated April 30, 2020. We will keep you informed if HUD amends the effective date. FIRSTHome/FIRSTDown and NEXTHome/ NEXTDown programs will be affected by the change.
Because of the timing of the release of information from HUD, MFA may need to release the revisions in stages. We recognize the inconvenience and confusion this may cause; unfortunately, this is out of our control.
Revised limits will impact individual counties in different ways. While some county limits will increase, others will decrease. Participating lenders are encouraged to reserve funds for borrowers who currently meet both purchase price and income eligibility requirements before the close of business on Wednesday, April 29, 2020. MFA cannot grant any exceptions regarding the income or purchase price limits.
Click MFA Income and Purchase price limits link to view MFA’s current income and purchase price limits.
Thank you for participating in MFA’s program. Should you have any questions, please contact a MFA homeownership representative.