May 11, 2021 2021-06
HOMENow Funding Available
MFA is pleased to announce that the HOMENow second mortgage down payment assistance loan will be available for new reservations beginning June 1, 2021.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded funding to MFA through the FY 2020 round of the Capital Magnet Fund. Funds are limited and are available on a first-come, first-served basis.
HOMENow is a second mortgage loan available to first-time homebuyers with income at or below 80% AMI. It is a 0%, non-amortizing loan, with no monthly payments required. The loan is forgiven after 10 years from the date of the HOMENow Promissory Note, provided that the borrower continues to occupy the home and does not refinance, transfer title, sell, rent, or otherwise vacate the residence.
HOMENow must be used in conjunction with MFA’s FIRSTHome first mortgage program. Lenders are responsible for following all applicable regulatory guidelines with respect to required disclosures. A $100 origination fee and applicable recording fees may be charged.
The HOMENow program policy, which includes income and purchase price limits, will be posted on MFA’s website no later than June 1, 2021.
Should you have questions, please contact an MFA homeownership representative at 505.843.6880.
Thank you for participating in MFA programs.
