Jul 20, 2026 2026-13

FirstHome Closing Program Document Changes Update:  Notice of Potential Recapture Disclosure

Dear Participating Lenders:

Housing New Mexico previously informed lenders of changes to the recapture disclosure process through Memo No. 2026-11. Due to unforeseen circumstances, the documents were not available on the PowerLender-Lender Portal as initially planned for rollout on June 15, 2026. The issue has now been resolved, and the new recapture disclosure, which requires the borrower’s signature(s), must be used for all loan closings using the FirstHome program beginning today, June 24, 2026.

The following reiterates information provided to lenders in past notices:

Lenders must obtain these disclosures directly from the portal at the time of compliance approval. These documents will automatically appear under the Closing Documents section. Lenders should not attempt to save a generic set of documents, as program limits that are disclosed may change without prior notice.

The borrower(s) must sign the acknowledgment indicating they are aware of recapture and have received a copy of the Notice of Potential Recapture Disclosure at closing.

The borrower-signed acknowledgment must be included in the closed loan package submitted to Idaho Housing and Finance Association (IHFA). The remaining pages of the disclosures are to be retained by the borrower(s) for their records. Borrowers with questions surrounding recapture need to consult with a tax professional, as Housing New Mexico employees are not qualified to give tax advice.

Should you have questions, please contact a member of the Housing New Mexico Homeownership Department at 505-843-6880 or by e-mail at: singlefamily@housingnm.org.

Thank you for participating in Housing New Mexico | MFA programs.