Mar 22, 2023 2023-04
HomeNow Funds Depleted
Please be advised that funding for the HomeNow second mortgage down payment assistance program funds have been depleted.
HomeNow was funded through grants from the U.S. Department of the Treasury’s Capital Magnet Fund. Over the past few years, MFA applied for, and received, two separate awards under the program. Your partnership in promoting and utilizing these funds helped many lower-income New Mexicans qualify to become homeowners. We do not anticipate that we will receive additional funds from Treasury for this program.
If, at the time of reservation, PowerLender generates a notice saying no HomeNow funds are available, you may email email@example.com and request a program change from HomeNow to FirstDown. If the program is changed to FirstDown the borrower is still eligible for the Down Payment Advantage Grant. Notice of unitized funds through cancelations will be posted within the PowerLender Portal, funds will be available on a first come basis.
For additional information on Down Payment Advantage, please view Lender Memo 2022-25.
Should you have questions please contact a member of the homeownership department at 505.843.6880.