May 10, 2022 2022-08
Notice of Upcoming Revised Income Limits
The IRS recently released updated income limits which will apply to the FIRSTHome/FIRSTDown programs. Since MFA is required, by law, to implement the new program limits as quickly as possible, we plan to implement the changes as they are received from HUD and the IRS. Since the changes will be made as they are received, we are unable to provide lenders with advanced notice. We apologize for any inconvenience this may cause.
- The updated FIRSTHome/FIRSTDown income limits will be in effect for reservations/locks dated Monday, May 16, 2022, and later.
Updated limits will impact individual counties in different ways. While most county limits will increase, some may decrease. Participating lenders are encouraged to reserve funds for borrowers who currently meet both the purchase price and income eligibility requirements before the close of business on Friday, May 13, 2022. MFA cannot grant any exceptions regarding the income or purchase price limits.
Reminder: The HOMENow program requires the use of the lesser of the FIRSTHome or HOMENow purchase price and income limits.
To view MFA’s current income and purchase price limits, click here.
New income limits will be posted Monday, May 16, 2022, no later than 8 a.m. MDT.
Should you have questions, please contact an MFA homeownership representative at 505.843.6880.
Thank you for participating in MFA programs.