HomeForward First Mortgage Loan (MFA)

What is 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).

Do you have to pay it back?

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.

Who qualifies?

HomeForward First Mortgage Loan (MFA) is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

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

2. 2

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

   Funds are reserved through MFA PowerLender (mfa.powerlender.com) via participating lenders, and are subject to availability.

3. 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.