Mar 16, 2023 2023-02

HomeForward - New Program for Non-First-Time Homebuyers

HomeForward - New Program for Non-First-Time Homebuyers

We are pleased to announce our newest program, HomeForward, a combination first mortgage loan and an optional down payment assistance second mortgage loan. The program is available to non-first-time homebuyers as well as first-time homebuyers who may not meet the guidelines of the FirstHome bond program.

Program Detail Summary

• HomeForward will be available to borrowers with a Uniform Residential Loan Application (URLA) dated March 27, 2023, and forward.
• Income and Purchase price limits are county specific. Income eligibility will be based on the borrower’s total qualifying income, as calculated, and approved by the lender’s underwriter.
• Income and purchase price limits will be posted on MFA’s website beginning March 27, 2023, and are subject to change without notice.
• The first mortgage loan is a 30-year, fully amortizing fixed rate loan, which may be used in conjunction with FHA, VA, USDA, HUD Section 184 and specific conventional loans authorized for use by MFA.
• The optional HomeForward Down Payment Assistance (DPA) is a second mortgage loan with either a 10 or 15-year, fully amortizing, fixed rate loan.
• HomeForward cannot be combined with any other of MFA’s assistance products.
• The second loan amount is equal to 3 percent of the purchase price. Funds must be used only for down payment assistance. Proceeds may not be used to pay closing or any other related loan costs.
  • The only exception to the down payment only rule is for Veterans Administration (VA) and U.S Department of Agriculture loans (USDA).
• Co-signers (non-occupant co-borrowers) are not allowed with the HomeForward program.
• MFA’s minimum credit score of 620 and 50.00% DTI maximum will apply.
• Homebuyer education is required for all first-time homebuyers.
• MFA will host several training sessions in the coming weeks stay tuned.
• HomeForward will be available for reservations as of 9:00 a.m. MST, Monday, March 27, 2023.

Should you have questions please contact a member of the homeownership department at 505.843.6880.

Thank you for participating in MFA programs.