1. WELCOME! NEW MEXICO HOUSING SUMMIT AUGUST 21, 2014

2. MFA PROGRAMS INSTRUCTOR TERI BACA HOMEOWNERSHIP REPRESENTATIVE

3. MFA’S ROLE 3  MFA PROGRAMS WORK WITH:  FHA  VA  USDA RHS  CONVENTIONAL

4. WHAT WE PROVIDE  FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS  AFFORDABLE MORTGAGES 4

5. WHO WE HELP  FIRST TIME HOMEBUYERS  HERO HOMEBUYERS 5

6. IRS-MANDATED PROGRAM GUIDELINES  FTHB DEFINITION  INCOME LIMITS  ACQUISITION COST LIMITS  ELIGIBLE PROPERTY TYPES  OWNER MUST OCCUPY 6

7. FTHB DEFINITION  NEVER OWNED A HOME  HAVE OWNED A HOME (3 YEAR RULE)  WAIVER FOR VETERANS 7

8. INCOME LIMITS  BASED ON HOUSEHOLD SIZE AND LOCATION OF PROPERTY  WILL VARY FOR CERTAIN PROGRAMS (PAYMENT SAVER, HELPING HAND, SMART CHOICE & HERO) 8

9. ACQUISITION COST LIMITS  Will vary depending on location  Targeted areas higher 9

10. TARGETED AREAS  Higher income limits  Higher acquisition cost limits  Borrower receives lower interest rate  No need to be a FTHB 10

11. ELIGIBILITY PROPERTY TYPES  Detached site built  Condos  Townhomes  Manufactured (Double wide only)  Single family homes only 11

12. OCCUPANCY  Owner occupied only  Not suitable for investors 12

13. MFA REQUIREMENTS  Minimum credit score of 620*  Borrowers must contribute a minimum of $500 of their own funds  * (Lender may have higher score requirement) 13

14. PROGRAMS  Mortgage Saver Plus 0+0 (Grant)  Mortgage Saver Zero 0+0  Mortgage Saver 1+1 14

15. 2 nd MORTGAGE DPA  Mortgage Booster  Payment Saver  Helping Hand  Smart Choice 15

16. HOMEBUYER EDUCATION  Required of all FTHB’s  In person or on-line, depending on program 16

17. SERVICING  Idaho Housing & Finance – 1 st  MFA – 2 nd 17

18. SPECIAL PROGRAMS  HFA PREFERRED (CONVENTIONAL)  FHA 203k streamline 18

19. HERO PROGRAM  Occupation requirements  Need not be a FTHB  Min. $1,000 borrower cash contribution  Cannot own any other real property 19

20. HOW TO ACCESS  Only MFA-approved lenders can access  One-stop shop for borrowers  Expected transaction timeline 20

21. CONTACT INFORMATION  HOMEOWNERSHIP DEPARTMENT: 505-843-6881  www.housingnm.org 21