Apr 1, 2024 2024-04
FirstDown Plus – New Funding and Program Term Update
Dear Participating Lenders,
To help address increasing median home sales prices across the state, New Mexico Mortgage Finance Authority (MFA) secured an additional $2.7M in funding for the FirstDown Plus down payment assistance loan program. Through this updated program, MFA will continue to serve more first-time homebuyers across the state.
Despite adjustments to the loan terms, please note that the FirstDown Plus program name will remain the same.
The FirstDown Plus program, developed by MFA, stands as a versatile tool to quickly adapt and deploy down payment assistance initiatives in response to current market changes or program funding requirements. MFA’s partners are kept informed of program modifications through a lender memorandum and by posting the latest Program Sheet on its website: housingnm.org.
It is important that our lending partners are aware that loan term changes are forthcoming, and the program name will not change.
FirstDown Plus Down Payment Assistance (DPA) Program (third-position lien) provides additional down payment assistance for first-time homebuyers. This optional third 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, though closing costs can still be paid through the FirstDown program.
The updated loan Program Sheet will be available on our website www.housingnm.org on April 3, 2024, which outlines programmatic changes that will go into effect with this new round of funding. Existing FirstDown Plus commitments must close in accordance with the terms outlined in the MFA FirstDown Plus Reservation/Lock Commitment and DPA Mortgage Loan Commitment Form. Furthermore, the loan must comply with all applicable FirstDown Plus Program Sheet terms in place at the time funds were committed.
Lenders should always refer to the current Program Sheet on MFA’s website as program requirements may change periodically.
Loan funds are limited and may be reserved on a first-come, first-served basis. FirstDown Plus must be used in conjunction with the FirstHome program.
The updated Program Sheet for FirstDown Plus will be available with reservations/locks dated Wednesday, April 3, 2024. Existing reservations with a confirmed lock under the previous Program Sheet will still follow Program Requirements that were in place at that time they were locked. Reservations that do not currently have an MFA FirstDown Plus commitment may still take advantage of the updated program by submitting a request to singlefamily@housingnm.org on Wednesday, April 3, 2024. Funds will be allocated on a first-come, first-served basis.
Should you have any questions, please contact a MFA homeownership representative at (505)843-6880 or by email: singlefamily@housingnm.org.
