FIRSTHome & FIRSTDown**
FIRSTHome is MFA's primary first-time homebuyer program, which can be used to finance any single-family property. FIRSTDown is a down payment assistance second mortgage loan for first-time homebuyers.
FIRSTDown must be combined with the FIRSTHome program. However, FIRSTHome may also be used with the HOMENow second mortgage program. (See below for information on HOMENow.)
Sample Forms | Manuals & Policies | Checklists | FIRSTHome & FIRSTDown Factsheet
NEXTHome is a combination first mortgage loan and down payment assistance second mortgage loan that is available to qualifying first-time homebuyers as well as non first-time homebuyers. It has a single statewide qualifying income limit and purchase price limit.
Sample Forms | Manuals & Policies | Checklists | NEXTHome Factsheet
HOMENow is a second mortgage loan available to first-time homebuyers with income at or below 80 percent AMI. The program provides the lesser of 8 percent of the sales price or $8,000, which can be used to finance the minimum down payment and closing costs. The HOMENow second mortgage loan has a 0-percent interest rate and is non-amortizing. The loan may be forgiven after 10 years if the borrower satisfies certain requirements.
Sample Forms | Manuals & Policies | Checklists | HOMENow Factsheet
HFA Preferred Conventional Loan Program**
Loans up to 97 percent of loan-to-value ratio; low mortgage insurance coverage requirements. Ideal for first time homebuyers who need extra flexibility on credit and income sources and assistance with down payment and closing costs.
Manuals & Policies | Checklists
**The HFA Preferred conventional program information currently published on MFA’s website strictly applies to loans reserved on or before August 16, 2019. The HFA Preferred conventional program will be temporarily unavailable effective August 19, 2019 while we make the revisions required by Fannie Mae. We will publish updated HFA Preferred parameters, policies, and procedures as soon as they are available. We apologize for any inconvenience this may cause. All MFA programs continue to be available for use in conjunction with government loans (FHA, VA, USDA).