Question 1

What is FirstHome (MFA)?

Accepted Answer

FirstHome (MFA) is a first mortgage for homebuyers in New Mexico, administered by Housing New Mexico (New Mexico Mortgage Finance Authority / MFA). FirstHome is Housing New Mexico's primary first-mortgage program for first-time New Mexico homebuyers with low-to-moderate incomes. It can be used as a stand-alone first mortgage or combined with MFA down payment assistance second mortgages such as FirstDown or HomeNow. Buyers must occupy the property as their primary residence within 60 days of closing. Competitive fixed-rate first mortgage. Available to first-time homebuyers. Can be combined with MFA down payment assistance. Works with FHA, VA, USDA, HUD 184 and HFA conventional loans. Finances manufactured homes. Funding comes from Mortgage revenue bonds / Housing New Mexico (MFA).

Question 2

Do you have to pay it back?

Accepted Answer

FirstHome (MFA) is a first mortgage and is repaid under the terms set by Housing New Mexico (New Mexico Mortgage Finance Authority / MFA). The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Question 3

Who qualifies?

Accepted Answer

FirstHome (MFA) is open to first-time homebuyers and buyers who will live in the home as their primary residence. "First-time" has exceptions here: Buyers who have not owned/occupied a primary residence in the past three years qualify as first-time; requirement may be waived in MFA-designated targeted areas. On credit, the program states: Minimum 620; alternative credit qualification accepted in certain cases for borrowers with no score. A homebuyer education course is required, through eHome America (MFA online) or a HUD-approved counseling agency. Single-family only; no income-generation/business use. Income and purchase price limits vary by county/household size (not enumerated on fact sheet). DTI, prepayment penalty, and new-construction eligibility not stated on official fact sheet.

Question 4

What are the income limits?

Accepted Answer

FirstHome (MFA) sets its income limit as follows: Household income limits vary by county and household size; see MFA income and purchase price limits page. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Question 5

What kind of home can it be used for?

Accepted Answer

FirstHome (MFA) caps the purchase price as follows: Purchase price limits vary by county; see MFA limits page. Eligible property types include Single Family. Manufactured homes are eligible.

Question 6

Where does it apply?

Accepted Answer

FirstHome (MFA) serves buyers purchasing anywhere in New Mexico. The program gives priority to designated target areas, so the address matters as well as the county.

Question 7

How do you apply?

Accepted Answer

Applications for FirstHome (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. Funds are reserved through MFA PowerLender (mfa.powerlender.com) via participating lenders. 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.

FirstHome (MFA)