FirstHome & FirstDown
FirstHome is MFA's primary first-time homebuyer program; available to individuals or families. The FirstDown is a second loan to help first-time homebuyers with minimum down payment and closing costs.
Sample Forms | Manuals & Policies | Checklists | First Home & First Down Fact Sheet
HomeNow is a second mortgage available to first-time homebuyers with income at or below 80% AMI. The program provides the lesser of 8% of the sales price or $8,000 that can be used to finance the minimum down payment and closing costs. This loan has a zero-percent interest rate and is non-amortizing. HomeNow loans may be forgiven after 10 years provided that the borrower satisfies certain requirements. See complete details in the Program Policy.
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Non first-time homebuyer program; has a single statewide qualifying income limit and purchase price limit. NextHome is used in conjunction with the NextDown second mortgage for down payment and closing costs assistance.
Sample Forms | Manuals & Policies | Checklists | Fact Sheet - Revision coming soon
NextDown is a second mortgage used in conjunction with the NextHome program. The loan has a zero-percent interest rate and is non-amortizing. Payment of the outstanding loan balance is required upon sale, transfer or refinance. The loan balance is forgiven 20% each year beginning with the eleventh anniversary of the note date until fully forgiven at the 15th year anniversary.
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