Mar 26, 2024
FirstDown Plus Program Update
The New Mexico Mortgage Finance Authority (MFA) is pleased to announce that it has received an added $2.7 million in funding for the FirstDown Plus program. This new allotment carries new program requirements. As a result, MFA must update the FirstDown Plus loan program terms.
MFA will release a new FirstDown Loan Program Sheet once we confirm that Desktop Underwriter® and Loan Product Advisor® are able to manage the updated loan terms required by the funding source.
IMPORTANT:
Despite the loan terms changing, the FirstDown Plus program name will not change.
The FirstDown Plus program is a concept developed by MFA to quickly adapt and deploy down payment assistance programs to current market changes or program funding requirements. MFA informs its partners of program changes through a lender memorandum and by posting the current 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.
Existing FirstDown Plus commitments must close in accordance with the terms outlined in the MFA FirstDown Plus Lock Commitment. Furthermore, the loan must comply with all applicable FirstDown Plus Program sheet terms in place at the time funds were committed.
Effective immediately, MFA is no longer accepting existing or new locks to the FirstDown Plus waiting list. Reservations that do not currently have an MFA FirstDown Plus commitment may still take advantage of the program by submitting a request to singlefamily@housingnm.org at the time the new funds become available. Funds are first come, first served.
Any uncorrectable error on any MFA loan will result in a purchase denial for all MFA loans including the 1st mortgage, 2nd mortgage, and 3rd mortgage (FirstDown Plus). Loan Purchase will be denied if any of the three MFA loans are not closed following MFA’s issued loan approval or does not align with the commitments corresponding FirstDown Plus Program Sheet. Always refer to the MFA website for the current FirstDown Plus program sheet and confirm closing documents match MFA’s loan approval.
Should you have any questions, please contact an MFA homeownership representative at 505.843.6880 or by email: singlefamily@housingnm.org.
