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MFA Mortgage Booster Program

Category: State Incentives, Grants & Loans


AGENCY: Mortgage Finance Authority (MFA)
DESCRIPTION: MFA’s Mortgage Booster Program is a second mortgage product that provides down payment and closing cost assistance to borrowers who qualify for MFA’s Mortgage $aver loan.
ELIGIBILITY: Mortgage Booster is a loan designed to serve low-to-moderate income first-time homebuyers who don’t have adequate resources for a down payment and/or closing costs. Residences financed can include single family detached homes, town homes, condominiums, homes in planned unit developments, and permanently attached manufactured homes.
STRUCTURE:
• The loan is repaid over 30 years with an interest rate applied.
• This loan is repaid along with your mortgage with a single payment every month.
• Mortgage Booster is available through a statewide network of participating lenders at http://www.housingnm.org/myHome/Homebuyer/lender.asp.
• Your lender will coordinate everything directly with MFA so you do not have to fill our two applications.
QUALIFICATIONS/CRITERIA:
• You must be able to qualify for MFA’s Mortgage $aver Program to take advantage of this program.
• Current gross annual household income may not exceed the following:

Household Size (persons): 1 or 2

Albuquerque MSA (Bernalillo, Sandoval, & Valencia Counties)
$53,200  $61,180
Santa Fe & Los Alamos Counties
$58,200  $66,930
All areas of the state
$46,200  $53,130
• For Mortgage Booster, current gross annual household income may not exceed $74,480 for Albuquerque MSA (Bernalillo, Sandoval, and Valencia Counties), $81,480 for Santa Fe MSA (Santa Fe and Los Alamos), and $64,680 for all other areas of the state.
• For more information contact one of the Homeownership Reps: MFA Main: (505) 843-6880 or visit the website http://www.housingnm.org/.
• Visit the MFA’s homepage at http://www.housingnm.org/ or call (505) 843-6880 (800) 444-6880 (Toll free in New Mexico). 


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Greater Gallup Economic Development Corporation | 102 W. Hill Avenue, PO Box 1795 | Gallup, NM  87301
Phone (505) 722-2980 | Fax (505) 722-2987