New Mexico Mortgage Finance Authority (MFA)
State Housing Agency
Founded in 1975, the New Mexico Mortgage Finance Authority (MFA) is a quasi-governmental agency that aims to improve the quality of life for New Mexico residents by providing affordable housing options. MFA offers down payment and closing cost assistance, mortgage loans, and rental assistance for low and moderate-income individuals and families. Through partnerships with lenders, realtors, and housing organizations, MFA works to make homeownership accessible to all New Mexicans.
First Mortgage Programs Offered by New Mexico Mortgage Finance Authority (MFA)
MFA FirstHome FHA Loan
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
FHA program for New Mexico first time homebuyers with competitive interest rates and down payment assistance options.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$472,030
MFA FirstHome VA Loan
Best For: First Time Homebuyers, Zero Down
VA program for New Mexico Veterans or Active-Duty Military first time homebuyers with competitive interest rates and assistance options.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$726,200
MFA FirstHome Conventional Loan - Median Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for New Mexico homebuyers with incomes above 80% AMI that can be paired with down payment and closing cost assistance funds.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$726,200
MFA FirstHome Conventional Loan - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional loan for low income New Mexico homebuyers with below market interest rates, low mortgage insurance, and down payment assistance options.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$726,200
MFA FirstHome USDA Loan
Best For: First Time Homebuyers, Zero Down
Rural Housing mortgage option from MFA for New Mexico USDA-designated rural areas that can be combined with down payment and closing cost assistance.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$726,200
MFA HomeForward FHA Loan
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
FHA program for New Mexico homebuyers (first time or repeat) with competitive interest rates and down payment assistance options.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$472,030
MFA HomeForward Conventional Loan - Low Income
Best For: Low Down Payments, Low Credit Scores
Conventional loan for low income New Mexico homebuyers with below market interest rates, low mortgage insurance, and down payment assistance option.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$726,200
MFA HomeForward Conventional Loan - Median Income
Best For: Low Down Payments, Easy Qualification
Conventional loan for New Mexico homebuyers (including repeat buyers) with incomes above 80% AMI that can be paired with down payment assistance.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$726,200
MFA HomeForward USDA Loan
Best For: Lowest Rates, Zero Down
Rural Housing option from MFA for first time or repeat homebuyers in New Mexico USDA-designated rural areas that can be combined with assistance.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$726,200
MFA HomeForward VA Loan
Best For: Low Credit Scores, Zero Down
VA program for New Mexico Veterans or Active-Duty Military first time or repeat homebuyers with competitive interest rates and assistance options.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$726,200
Second Mortgage Programs Offered by New Mexico Mortgage Finance Authority (MFA)
MFA FirstDown Program
Best For: First Time Homebuyers, Zero Down
New Mexico MFA FirstDown Program provides up to 4% in down payment assistance as a standard second mortgage with repayment.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$726,200
Up to 4.00% of 1st Loan Amount Program Benefit Amount
MFA HomeNow Program New Construction
Best For: First Time Homebuyers, Low Down Payments, Zero Down
The New Mexico MFA HomeNow Program for new construction provides $7,000 in assistance as a forgivable second mortgage with no monthly payments.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$472,030
Up to $7,000 in Assistance Program Benefit Amount
MFA HomeNow Program Existing Home
Best For: First Time Homebuyers, Low Down Payments, Zero Down
The New Mexico MFA HomeNow Program for existing homes provides $7,000 in assistance as a forgivable second mortgage with no monthly payments.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$472,030
Up to $7,000 in Assistance Program Benefit Amount
MFA DownPaymentAdvantage
Best For: First Time Homebuyers, Low Down Payments, Zero Down
The New Mexico MFA DownPaymentAdvantage Program provides a $25,000 grant for low income New Mexico first time homebuyers.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$472,030
Up to $25,000 in Assistance Program Benefit Amount
MFA Assistance Combo Loan
Best For: First Time Homebuyers, Low Down Payments, Zero Down
The New Mexico MFA Combo Program provides up to $35,000 in assistance by combining up to three MFA down payment assistance programs into one.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$472,030
Up to $35,000 in Assistance Program Benefit Amount
MFA HomeForward DPA Program
Best For: Low Credit Scores, Zero Down
The New Mexico MFA HomeForward DPA Program provides up to 3% in down payment assistance as a standard second mortgage with repayment.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$472,030
Up to 3.00% of 1st Loan Amount Program Benefit Amount
See If You Qualify for New Mexico Mortgage Finance Authority (MFA) Loans
* ReviewMyMortgage.com Inc. is in no way affiliated with or endorsed by the New Mexico Mortgage Finance Authority or any of its subsidiaries. We are an educational resource website that compiles information on different financing institutions and the loan products they offer in the United States.
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