Aug 2, 2023 2023-11
New Product Announcement – Freddie Mac’s HFA Advantage® Product Option (Notice 1 of 3)
MFA is pleased to announce that we are adding Freddie Mac’s HFA Advantage® to our product lineup this Fall.
MFA will begin publishing rates and accepting reservations for Freddie Mac’s HFA Advantage®, effective October 1, 2023. MFA intends to adopt the loan program names shown below.
- FirstHome Freddie Above 80% AMI
- FirstHome Freddie 80%AMI
- HomeForward Freddie Above 80% AMI
- HomeForward Freddie 80% AMI
Beginning on October 1, 2023, MFA will accept the Automated Underwriting System (AUS) for each product as follows:
- Loan Product Advisor (LPA) - Freddie Mac loan products only,
- Desktop Underwriter (DU) Fannie Mae Loan products only,
- LPA or DU is acceptable for Federal Housing Administration (FHA) loans.
Lenders are solely responsible for delivering loans that meet both investor and MFA guidelines. Existing MFA overlays outlined in the MFA Compliance Manual such as FICO score and Debt to Income (DTI) apply to all products.
NOTE: Prior to October 1, 2023, MFA will not accept LPA with any of its existing programs.
Should you have questions please contact a member of the Homeownership Department at 505.843.6880.
Thank you for participating in MFA programs.