Sep 13, 2019 19-21
HOMENow Funds Allocation as of September 6, 2019
PLEASE FORWARD THIS MEMORANDUM TO THE APPROPRIATE PERSONNEL WITHIN YOUR ORGANIZATION.
We would like to begin by thanking you for supporting MFA’s HOMENow Program. We are informing you that MFA has committed all but roughly $500,000 (includes funded and un-funded loan commitments) of the federal grant funds received for this program.
How does this impact you?
- •You will only be able to reserve a HOMENow loan if adequate funds are available. Please be aware that funds can become available at any point, if a loan is canceled or if a borrower is ineligible for any reason.
- •Keep in mind that funds are allocated on first come first served basis.Double check if funds are available prior to requesting a program change.
- •If your loan origination requires the HOMENow funds, reserve the FIRSTHome and HOMENow simultaneously.
- If you’re unable to make a simultaneous reservation it is likely the HOMENow funds may not be available. We encourage you to periodically log into the Internet Loan Reservation System (ILRS) or contact a Homeownership Representative to see if any funds have become available. Please note that you must have a pending FIRSTHome reservation in order to obtain the current availability of HOMENow funds.
MFA continues to seek out funds and programs such as the one used to capitalize the HOMENow Program. With your support, HOMENow has provided down payment assistance to 450 plus families over the last 12 months. Thank you for supporting MFA’s programs.