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.
Program Description
The 30-year fixed VA program from the New Mexico MFA for veterans and active-duty military can be combined with MFA's FirstDown, HomeNow and other down payment assistance programs. Often offers below market interest rates when used as a standalone program.
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MFA FirstHome VA Loan
Min. Credit Score
620
Min. Down Payment
0%
Max Loan Amount
$726,200
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
- Can be combined with MFA down payment assistance programs
- Flexible qualifying guidelines with perfect credit not required
- 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
- Limited to first time homebuyers
- Requires the VA Funding Fee
Program Availability
MFA FirstHome VA Loans are available in 1 state.
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“The VA 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
- VA loan program from MFA for veterans and active-duty military
- 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)
- Limited to owner-occupied primary residences only
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 may be 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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
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 VA 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 VANew Mexico MFA FirstDown Program provides up to 4% in down payment assistance as a standard second mortgage with repayment.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
MFA HomeNow Program New Construction
|MFA FirstHome VAThe 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
$726,200
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 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.
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.
Related Resources
Calculate Income Limits Using Area Median Income
Income limits are used to determine whether or not a home buyer is eligible for certain mortgage programs, including down payment assistance programs or incentives that can help make home buying more affordable. It identifies the maximum income level set by each housing authority for its program participants, and varies from county to county across the US. Often, the tool used to establish this maximum income level is often called Area Median Income, or AMI.
Read More
VA Purchase : The Bottom Line
Are you a veteran, service member or military spouse considering purchasing a home? Here’s the bottom line on the VA loan – its background information, most notable products, common criteria and an expert analysis from our experienced team.
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First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
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A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
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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