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.
This loan program is not available in New Orleans, LA
Program Description
30-year fixed rate FHA insured mortgage from the New Mexico MFA for first time homebuyers. This loan may be combined with the MFA's FirstDown, HomeNow and other down payment assistance programs. This option has easier qualification factors than other MFA programs and often offers below market interest rates when used as a standalone program.
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MFA FirstHome FHA Loan
Min. Credit Score
620
Min. Down Payment
3.5%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- 3.5% down payment can be covered by an assistance program
- Deferred payment options for down payment assistance
- Also available for manufactured homes
- Available in all of New Mexico
- Credit scores as low as 620
- Income limit and purchase price restrictions apply
- Only available for 1-unit primary residences
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan
- Limited to first time homebuyers
Program Availability
MFA FirstHome FHA Loans are available in 1 state.
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“The FHA loan option for first time homebuyers from MFA can be combined with layered down payment and closing cost assistance options."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$349,526 - $440,480
Income Limit
$73,200 - $142,900
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- FHA loan program from MFA; easier qualification than other options
- Can be combined with MFA's down payment assistance programs
- Often has below market interest rates
Additional Conditions
- Homebuyer education is required for all first time homebuyer(s), including co-borrower(s)
- Borrowers must contribute at least $500 of their own funds into the home purchase (MFA guideline)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: eHome's 8-Hour Homebuyer Education or Other
Homebuyer education is required for all first time homebuyers, including co-borrowers. Buyers must complete a homebuyer counseling course through eHomeAmerica or another HUD-approved housing education provider.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this MFA FirstHome FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
MFA FirstDown Program
|MFA FirstHome FHANew Mexico MFA FirstDown Program provides up to 4% in down payment assistance as a standard second mortgage with repayment.
Max. Loan Amount
$472,030
Min. Credit Score
620
Min. Down Payment:
0%
MFA HomeNow Program New Construction
|MFA FirstHome FHAThe New Mexico MFA HomeNow Program for new construction provides $7,000 in assistance as a forgivable second mortgage with no monthly payments.
Max. Loan Amount
$472,030
Min. Credit Score
620
Min. Down Payment:
0%
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
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.
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.
Related Resources
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First Time Homebuyer Guide
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High Balance FHA Loans Explained
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Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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