May 18, 2021 2021-07
Advanced Notice of Upcoming Revised Program Limits
HUD recently released new income and purchase price limits. The revised limits will apply to FIRSTHome/FIRSTDown, NEXTHome/NEXTDown and HOMENow. MFA is required to implement the new program limits very quickly and is unable to provide lenders with advanced notice. We apologize for any inconvenience this may cause.
Due to this extremely tight timetable, MFA plans to implement the changes in two phases:
• The new FIRSTHome/FIRSTDown and NEXTHome/NEXTDown income and purchase price limits will be in effect for reservations dated May 24, 2021.
• The new *HOMENow income and purchase price limits will be in effect for reservations dated June 01, 2021.
Revised limits will impact individual counties in different ways. While some county limits will decrease, others will increase. 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 Friday, May 21, 2021. MFA cannot grant any exceptions regarding the income or purchase price limits.
As previously announced, the HOMENow down payment assistance program will be available for reservation on June 01, 2021. HOMENow is governed by a separate set of income and purchase price limits. Program eligibility is based on the lesser of the FIRSTHome/FIRSTDown or HOMENow published limits.
To view MFA’s current income and purchase price limits, click here.
New income and purchase price limits will be posted Monday, May 24, 2021 no later than 8 a.m. MDT.
Should you have questions, please contact an MFA homeownership representative at 505.843.6880.
Thank you for participating in MFA programs.