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WELCOME! NEW MEXICO HOUSING SUMMIT AUGUST 21, 2014
MFA PROGRAMS INSTRUCTOR TERI BACA HOMEOWNERSHIP REPRESENTATIVE
MFA’S ROLE 3 MFA PROGRAMS WORK WITH: FHA VA USDA RHS CONVENTIONAL
WHAT WE PROVIDE FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS AFFORDABLE MORTGAGES 4
WHO WE HELP FIRST TIME HOMEBUYERS HERO HOMEBUYERS 5
IRS-MANDATED PROGRAM GUIDELINES FTHB DEFINITION INCOME LIMITS ACQUISITION COST LIMITS ELIGIBLE PROPERTY TYPES OWNER MUST OCCUPY 6
FTHB DEFINITION NEVER OWNED A HOME HAVE OWNED A HOME (3 YEAR RULE) WAIVER FOR VETERANS 7
INCOME LIMITS BASED ON HOUSEHOLD SIZE AND LOCATION OF PROPERTY WILL VARY FOR CERTAIN PROGRAMS (PAYMENT SAVER, HELPING HAND, SMART CHOICE & HERO) 8
ACQUISITION COST LIMITS Will vary depending on location Targeted areas higher 9
TARGETED AREAS Higher income limits Higher acquisition cost limits Borrower receives lower interest rate No need to be a FTHB 10
ELIGIBILITY PROPERTY TYPES Detached site built Condos Townhomes Manufactured (Double wide only) Single family homes only 11
OCCUPANCY Owner occupied only Not suitable for investors 12
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
PROGRAMS Mortgage Saver Plus 0+0 (Grant) Mortgage Saver Zero 0+0 Mortgage Saver 1+1 14
2 nd MORTGAGE DPA Mortgage Booster Payment Saver Helping Hand Smart Choice 15
HOMEBUYER EDUCATION Required of all FTHB’s In person or on-line, depending on program 16
SERVICING Idaho Housing & Finance – 1 st MFA – 2 nd 17
SPECIAL PROGRAMS HFA PREFERRED (CONVENTIONAL) FHA 203k streamline 18
HERO PROGRAM Occupation requirements Need not be a FTHB Min. $1,000 borrower cash contribution Cannot own any other real property 19
HOW TO ACCESS Only MFA-approved lenders can access One-stop shop for borrowers Expected transaction timeline 20
CONTACT INFORMATION HOMEOWNERSHIP DEPARTMENT: 505-843-6881 www.housingnm.org 21
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