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FirstDown Plus (MFA)

Housing New Mexico (New Mexico Mortgage Finance Authority / MFA) · New Mexico

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Assistance

$10,000

The maximum the program publishes — not an offer

Repayment

Deferred

No payments until the home is sold or refinanced

What is FirstDown Plus (MFA)?

FirstDown Plus (MFA) is a deferred second loan for homebuyers in New Mexico, administered by Housing New Mexico (New Mexico Mortgage Finance Authority / MFA).

  • FirstDown Plus is a third-mortgage down payment assistance loan that provides an additional fixed $10,000 toward down payment for first-time homebuyers using MFA's FirstHome program. It is a 15-year amortizing loan at 0.00% interest with monthly principal payments of $55.56, and must always be combined with FirstHome plus either FirstDown or HomeNow. The full $10,000 must be used exclusively for down payment, and combined MFA DPA cannot exceed $35,000.
  • Fixed $10,000 toward down payment.
  • 0.00% interest rate.
  • Stacks with FirstDown or HomeNow.
  • Available to first-time buyers and 3-year non-occupant owners.
  • Funding comes from Housing New Mexico (MFA).

How much assistance does it provide?

FirstDown Plus (MFA) offers up to $10,000 in assistance.

  • The program can be combined with FirstHome plus either FirstDown or HomeNow; combined MFA DPA cannot exceed $35,000.
  • Amounts are the program's published maximums, not an offer — Housing New Mexico (New Mexico Mortgage Finance Authority / MFA) determines any individual award.

Do you have to pay it back?

FirstDown Plus (MFA) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by Amortizing over 15 years with monthly principal payments of $55.56; outstanding balance due on sale, refinance, or transfer.
  • The assistance is recorded in Third position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FirstDown Plus (MFA) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Previous homeowners who have not owned/occupied a primary residence in the past three years may also be eligible.
  • The home is occupied as a primary residence
  • On credit: Minimum 620; alternative credit qualification accepted in certain cases.
  • A completed homebuyer education course, through eHome America (MFA online) or a HUD-approved counseling agency
  • Loan, not a grant; full $10,000 must go to down payment. Must layer on FirstHome plus FirstDown or HomeNow. Funds limited, first-come first-served. Recapture tax, prepayment penalty, and manufactured-home eligibility not specified on fact sheet.

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

FirstDown Plus (MFA) sets its income limit as follows: Borrower eligibility same as FirstHome/FirstDown; income limits vary by county and household size. If paired with HomeNow, borrowers must be at or below 80% AMI.

  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FirstDown Plus (MFA) caps the purchase price as follows: Purchase price limits vary by county; see MFA limits page.

  • Eligible property types include Single Family.

Where does it apply?

FirstDown Plus (MFA) serves buyers purchasing anywhere in New Mexico.

How do you apply?

Applications for FirstDown Plus (MFA) go through Housing New Mexico (New Mexico Mortgage Finance Authority / MFA), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through eHome America (MFA online) or a HUD-approved counseling agency.

  2. Contact Housing New Mexico (New Mexico Mortgage Finance Authority / MFA) to reserve funds

    Funds are reserved through MFA PowerLender via participating lenders; funds limited and first-come, first-served, and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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