Dec 27, 2023 2023-22
FirstDown Plus - NEW Down Payment Assistance Program: 1 of 2
To help address increasing median home sales prices across the state, MFA is adding a new down payment assistance loan program, FirstDown Plus, for first-time homebuyers. Through this program, MFA will be able to serve more first-time homebuyers in the state.
FirstDown Plus Down Payment Assistance (DPA) Program (3rd position lien) provides additional down payment assistance for first-time homebuyers. This optional 3rd loan from MFA must be combined with the FirstDown DPA Program. FirstDown Plus funds must only be used toward down payment assistance. The use of these funds to cover closing costs is strictly prohibited. Closing costs can still be paid through the FirstDown program.
The loan program sheet will be available on our website www.housingnm.org no later than Wednesday, January 3, 2024, and outlines the current program requirements. Lenders should always refer to the current program sheet on MFA’s website as program requirements may change from time to time.
Loan funds are limited and may be reserved on a first-come basis. FirstDown Plus must be used in conjunction with the FirstHome program.
The FirstDown Plus will be available with reservations/locks dated Friday, January 12, 2024.