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MFA Mortgage $aver, Mortgage $aver Plus, and Mortgage $aver Zero

Category: State Incentives, Grants & Loans


AGENCY: Mortgage Finance Authority (MFA)
DESCRIPTION:
• MFA's Mortgage $aver Program offers below-market interest rates and/or closing cost assistance to first-time homebuyers. The program is also available to individuals who have not owned a home (including a manufactured home on a permanent foundation) in the last three years. A borrower may qualify for a Mortgage $aver, Mortgage $aver Zero or Mortgage $aver Plus funds based upon household income and family size as well as the sales price of the home.
• Mortgage loans available under the Mortgage $aver Program include FHA, VA, and a variety of conventional loans, including the My Community and Community Solutions Programs. Rural Housing Service (RHS) guaranteed, leveraged, or direct loans are also available as are loans on Native American trust lands.
• The Mortgage $aver Zero and Mortgage $aver Plus Program save the borrower money because they are not required to pay an origination or loan discount fee at loan closing, leaving more money in the borrowers pocket. The Mortgage $aver Plus Program also provides the borrower with a grant (that does not have to be repaid) to help reduce the need for up-front cash at closing.
STRUCTURE:
• Mortgage $aver Loans are 30 year fixed rate loans available below the “market” rate.
• Mortgage $aver Zero is close to even with the “market” rate, but has no origination fee or discount fee.
• Mortgage $aver Plus interest rate is slightly higher than the “market” rate, but has no origination fee or discount fee, and features a 3% (of the principle loan amount) down payment assistance grant that is “built into” the loan. The grant can be used towards down payment, closing costs, and “prepaid” expenses; it can also fund an interest rate reduction or reduce the principal loan balance.
• MFA has many second mortgage programs that could be available to buyers using Mortgage $aver/Zero Programs to help reduce “up front” or “out of pocket” expenses. QUALIFICATIONS/CRITERIA:
• To qualify, a professional MFA qualified lender will review the borrower’s monthly income, expenses, employment situation, and credit report so that they can determine if the borrower is eligible for the Mortgage $aver/Zero/Plus Programs. The lender will also determine the amount of down payment/closing cost assistance needed by the borrower and will recommend the appropriate second mortgage or grant program.
• All three of these programs are available through a statewide and on Indian Reservations network of participating lenders. http://www.housingnm.org/lender/lender.asp.
• Gross annual household incomes may not exceed the following, unless the purchase is in a targeted area.

COUNTIES
by family size
$46,200 $46,200 $53,130 $53,130 $53,130 $53,130
$53,200 $53,200 $61,180 $61,180 $61,180 $61,180
$58,200 $58,200 $66,930 $66,930 $66,930 $66,930

All areas of the state

Albuquerque MSA (Bernalillo/Sandoval/V alencia)

Santa Fe MSA (Santa Fe/Los Alamos)

• Total home sales price may not exceed the limit below unless in a targeted areas.

MORTGAGE$AVER PRICE LIMITS*
Area
Los Alamos
All other counties
Purchase Price Limits
$343,799
$286,875
$237,031

Santa Fe
• The following are specifications about the targeted areas. The home sales price limits for federally targeted areas is $286,875.

COUNTIES
All areas of the state
by family size
$55,440 $55,440 $64,680 $64,680 $64,680 $64,680

Bernalillo $63,480 $63,480 $74,480 $74,480 $74,480 $74,480
Sandoval $63,480 $63,480 $74,480 $74,480 $74,480 $74,480

• For more information contact one of the Homeownership Reps: MFA Main: (505) 843-6880 or visit the website http://www.housingnm.org/.


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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