DPA 10-Year Amortization No Longer Available

Dear Participating Lenders:

Effective with Reservations/Locks submitted on December 17, 2024, Housing New Mexico | MFA will no longer offer a 10-year amortization for our DPA programs.

Housing New Mexico | MFA has audited the utilization of the DPA 10-year term and has determined that the use is minimal and not cost-effective. Therefore, the 10-year term for the DPA loans will be eliminated immediately with Reservations/Locks submitted on December 17, 2024.

We are updating the Compliance Manual and will release Version 1.6 as soon as possible. If a FirstDown loan is reserved with a loan amount of $1,000, the lender must choose the 15-year amortization term.

Should you have questions, please contact a member of the Housing New Mexico | MFA Homeownership Department at 505-843-6880.
Thank you for participating in Housing New Mexico programs.

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