For More information contact one of our Homeownership Representatives
Mortgage Finance Authority
Main: (505) 843-6881
Fax: (505) 243-3289
What does Mortgage Booster provide?
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$aver loan. Mortgage Booster can be used with Mortgage$aver Xtra (1+1) Mortgage$aver (1+1) or Mortgage$aver Zero (0+0) first mortgage products.
Who can benefit from Mortgage Booster?
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.
What is the Maximum amount I can borrow?
Your lender will help you determine the maximum amount, based on your need. You may qualify for up to 8% of the sales price.
How do I repay this loan?
This loan is repaid over 30 years at a fixed interest rate that is 0.5% higher than the MFA Mortgage$aver (1+1) rate. Also, there is no pre-payment penalty!
Does this mean I'll have to make two separate payments on my home?
No. In fact, as an added convenience, you will pay both your first and second mortgage loan payments with a single monthly coupon.
So I need good credit to qualify?
Yes. You must be able to qualify for MFA’s Mortgage$aver program to take advantage of Mortgage Booster.
Where do I apply?
Mortgage Booster is available through a statewide network of participating lenders listed on the back of this fact sheet. Your lender will coordinate everything directly with MFA for you, giving you the convenience of “one-stop shopping.”
Are there household income limits?
Current gross annual household income may not exceed limits listed below unless the borrower is planning to purchase a home in a targeted area where slightly higher income limits may apply.
Residences financed can include single-family detached homes, town homes, condominiums, homes in planned unit developments, and permanently attached manufactured homes. Total home sales price may not exceed the limit listed below, unless they are in a targeted area where slightly higher acquisition cost limits may apply.
If you are interested in purchasing a new or existing home in New Mexico
and would like to apply for any of MFA’s programs, please contact one
of the MFA qualified lending institutions.
For More information contact one of our Homeownership Representatives
Mortgage Finance Authority
Main: (505) 843-6881
Fax: (505) 243-3289
