Jun 13, 2023 2023-09
Upcoming Program Limit Revisions Alert
IRS and HUD recently released new income and purchase price limits. The revised limits will apply to FirstHome/FirstDown, MFA is required to implement the new program limits at the opening of business on June 15, 2023, and is unable to provide lenders with more advance notice. We apologize for any inconvenience this may cause.
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 the purchase price and income eligibility requirements before the close of business on Wednesday, June 14, 2023. MFA cannot grant any exceptions regarding income or purchase price limits.
- The updated FirstHome/ FirstDown and HomeNow income limits and FirstHome/ FirstDown program limits will be in effect for reservations/locks dated Thursday, June 15, 2023 and later.
- The HomeForward limits will be released at a later date.
To view MFA’s current income and purchase price limits, click here.
New income and purchase price limits for FirstHome/FirstDown will be posted as soon as they are available and a lender memo will be sent to participating lenders.
Revised income and purchase price limits for HomeNow and Down Payment Advantage Grant are only applicable if there are cancellations and funds become available for any new reservation/locks.
The HomeNow and Down Payment Advantage Grant programs are governed by a separate set of income and purchase price limits. Program eligibility is based on the lesser of FirstHome/FirstDown or HomeNow published limits.
Should you have questions please contact a member of the Homeownership Department at 505.843.6880.
Thank you for participating in MFA programs.