Apr 3, 2024 2024-05
FirstDown Plus – UPDATED – Down Payment Assistance Program
Dear Participating Lenders:
The FirstDown Plus loan Program Sheet is now available on our website www.housingnm.org. The updated Program Sheet under Program Policies outlines the updated program requirements.
Updated loan terms apply with FirstDown Plus Reservation/Lock Commitments beginning on April 3, 2024. It is important that our lending partners are aware of – and pay special attention to – the updated loan terms.
FirstDown Plus Reservation/Lock Commitments are allocated on a first-come, first-served basis as funding is limited. FirstDown Plus must be used in conjunction with the FirstHome program.
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. Closing costs can still be paid through the FirstDown program.
Existing reservations with a confirmed lock under the earlier 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.
Should you have any questions, please contact an MFA homeownership representative at 505.843.6880 or by email: singlefamily@housingnm.org.
