HomeForward First Mortgage Loan (MFA)

HomeForward First Mortgage Loan (MFA) is a first mortgage for homebuyers in New Mexico, administered by Housing New Mexico (New Mexico Mortgage Finance Authority / MFA). HomeForward is a first-mortgage loan for first-time and repeat homebuyers with low and moderate incomes who may not qualify for FirstHome, with simplified qualification and reduced documentation. It can be used as a stand-alone first mortgage or combined with the optional HomeForward DPA second mortgage, which provides up to 3% of the sales price. Borrowers must occupy the property as their primary residence within 60 days of closing. No first-time homebuyer requirement. Simplified qualification and reduced documentation. Can pair with HomeForward DPA (up to 3% of sales price). Works with FHA, VA, USDA, HUD 184 and HFA conventional loans. Finances manufactured homes. Funding comes from Housing New Mexico (MFA).

HomeForward First Mortgage Loan (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.

HomeForward First Mortgage Loan (MFA) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 620 for all borrowers; alternative credit qualification accepted in certain cases. A homebuyer education course is required, through eHome America (MFA online) or a HUD-approved counseling agency (required for first-time homebuyers). Owner-occupied single-family only. Income and purchase price limits vary by county/household size (not enumerated on fact sheet). DTI, recapture tax, prepayment penalty, and new-construction eligibility not stated on official fact sheet.

HomeForward First Mortgage Loan (MFA) sets its income limit as follows: Available to low- and moderate-income borrowers; income limits vary by county and household size (see MFA 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.

HomeForward First Mortgage Loan (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.

HomeForward First Mortgage Loan (MFA) serves homebuyers purchasing anywhere in New Mexico.

Applications for HomeForward First Mortgage Loan (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 homebuyer can take it to a lender or housing counselor.