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  • 220 Bernalillo Street, Las Vegas, NM
  • (505) 454-1390
  • 220 Bernalillo Street, Las Vegas, NM
  • (505) 454-1390

PROJECT DETAIL

  • Home
  • Permanent Housing Program
  • Las Vegas, NM

Permanent Housing Program

$ 0 Needed Donation

MFA’s First Home Program offers a first mortgage loan with a competitive interest rate to first-time homebuyers. First-time homebuyers are individuals who have not owned and occupied a home as their primary residence (including a manufactured home on a permanent foundation) in the past three years. Eligibility for each program is based upon household income, family size and the purchase price of the home.

The First Home program can be used in conjunction with a FHA insured, VA insured and Fannie Mae’s (“FNMA”) MyCommunity™, HFA Preferred™ suite of products. USDA Rural Development guaranteed, leveraged, or direct loans are also available as well as the HUD Section 184 Indian Housing program.

First Home Program Benefits

Lower monthly mortgage payments and, in some cases, lower up-front cash requirements. The First Home program offers a safe and affordable 30 year, fixed rate; First Home has no origination or discount fee charged to the homebuyer.

Down Payment Assistance for the First Home Program

The First Down payment assistance program can be used in conjunction with the First Home program and can help to cover the required down payment, closing costs and prepaid expenses. MFA can provide more detail for the First Down program upon request.

First Home Program Qualification

An MFA-approved participating lender will review the homebuyer’s monthly income, expenses, employment and credit to determine if the First Home program best suits their needs. The participating lender will also determine the amount of down payment/closing cost assistance for which the homebuyer qualifies for, based on their situation.