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New Mexico Mortgage Finance Authority

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Why Helping Hand?

Owning a home is a goal for many New Mexico families. But often they face obstacles like saving enough money to cover initial expenses and coming up with comfortable monthly payments. Helping Hand helps meet those needs by providing down payment and closing cost assistance for low-income families in which at least one family member has an ADA disability. Buyers must not have owned and occupied a primary residence for the past three years.

Helping Hand offers an $8,000 loan at 0 percent interest that can be used for down payment and other costs related to the purchase, including pre-paids. Depending on the type of mortgage loan, the program may also help reduce the monthly mortage payments through an interest rate buy down.

The loan is a soft second that does not need to be paid back until the property is sold, refinanced, or transferred.

Many types of first mortgage loans may be used in conjunction with the Helping Hand program. These include FHA, VA and a variety of conventional loans, including the MyCommunity, HFA Preferred suite of products and Fannie Mae’s HomeChoice Program. USDA Rural Development, guaranteed, leveraged, or direct loans are also available as are loans on Native American trust lands.

Income and home sales price limits apply depending on family size and location. See income and price limits below for specific information.

How do borrowers qualify?

An MFA-approved lender can determine if you are eligible for Helping Hand. They can also explain various MFA loan types and help determine which programs work best for you.

To use Helping Hand, you must receive face-to-face first time homebuyer housing counseling paid for by the MFA and available through ILRC Housing Division. ILRC is located in Albuquerque at 4665 Indian School Road NE, Suite 100.
Telephone: (505) 266-5022 or another MFA approved housing counseling agency.

Please note that Helping Hand is available statewide on a limited basis. Call MFA for availability.

Counties

By Family Size

1

2

3

4

5

6

Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia)

$34,650

$39,600

$44.550

$49,500

$53,500

$57,450

Santa Fe MSA and Los Alamos Counties

$38,500

$44,000

$49,500

$54,950

$59,350

$63,750

Farmington MSA (San Juan County)

$31,650

$36,200

$40,700

$45,200

$48,850

$52,450

Las Cruces MSA (Dona Ana County)

$26,750

$30,550

$34,350

$38,150

$41,250

$44,300

Colfax

$29,650

$33,850

$38,100

$42,300

$45,700

$49,100

Eddy

$32,400

$37,000

$41,650

$46,250

$49,950

$53,650

Harding

$27,400

$31,300

$35,200

$39,100

$42,250

$45,400

Lea

$27,550

$31,500

$35,450

$39,350

$42,500

$45,650

Lincoln

$31,750

$36,300

$40,850

$45,350

$49,000

$52,650

All Other Areas and Counties of the State

$26,750

$30,550

$34,350

$38,150

$41,250

$44,300

Mortgage Booster

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?

The program is for low- to moderate-income first-time homebuyers who need help with down payment and/or closing costs.

What is the maximum loan amount?

An MFA-approved lender will help determine the maximum amount, based upon need. The maximum loan amount is $8,000.00.

How is the loan repaid?

Mortgage Booster loans are repaid over 30 years. There is no pre-payment penalty.

Do borrowers have to make two payments on their home?

Yes. The first mortgage payment is made to MFA’s Master Servicer and the second mortgage payment is made to MFA.

Is good credit necessary to qualify?

Yes. Borrowers must qualify for MFA’s Mortgage$aver program to take advantage of Mortgage Booster. MFA has a minimum credit score of 620.

Where do I apply?

Mortgage Booster is available through a statewide network of participating lenders. Lenders will coordinate the loan directly with MFA.

Are there household income limits?

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.

Counties

By Family Size

1

2

3

4

5

6

Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia)

$62,900

$62,900

$72,335

$72,335

$72,335

$72,335

Santa Fe MSA and Los Alamos County

$62,000

$62,000

$71,300

$71,300

$71,300

$71,300

Farmington MSA (San Juan County)

$55,300

$55,300

$63,595

$63,595

$63,595

$63,595

All Other Areas and Counties of the State

$54,200

$54,200

$62,330

$62,330

$62,330

$62,330

What are the Mortgage Booster price limits?

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.

Mortgage Booster Price Limits

Area

Purchase Price Limits

Los Alamos County

$342,585

Santa Fe County

$384,750

San Juan County

$283,125

All Other Areas and Counties of the State

$243,945

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:
Main: (505) 843-6881
Fax: (505) 243-3289

Payment Saver

Why Payment$aver?

MFA’s Payment$aver Program helps cover down payment and closing costs, which are often significant obstacales for first-time homebuyers. Payment$aver can be the most affordable way for low- to medium-income borrowers to buy their first home.The program is available statewide (excluding the City Limits of Albuquerque) to buyers who have not owned and occupied a primary residence for the past three years.

How Does The Program Work?

Payment$aver is designed to work as a 0 percent, second mortgage loan in combination with a below-market interest rate first mortgage loan to cover up-front costs, excluding pre-paids. Depending on the type of mortgage loan, Payment$aver may also help reduce monthly mortgage payments through an interest rate buy-down.

The loan is a soft second that may not exceed the lesser of 8 percent of the sales price of the home or $8,000. Borrowers with a Section 8 Housing Voucher can use the Payment$aver SmartChoice program which is a soft second, with a loan amount of $15,000 no more no less. These loans do not need to be paid back until the property is sold, refinanced, or transferred.

Many types of first mortgage loans are available with the Payment$aver program. These include FHA, VA, and a variety of conventional loans, including the MyCommunity and HFA Preferred suite of products. USDA Rural Development, guaranteed, leveraged or direct loans are also available, as are loans on Native American trust lands.

Household income and home sales price limits apply based on family size and geographic location. Specific information is listed below.

How Do I Qualify?

An MFA approved lender can determine if you are eligibile for Payment$aver. The lender will also explain various MFA loan types and help determine what loans will work best for you.

Other Requirements

In order to qualify for Payment$aver, you must also receive face-to-face first time homebuyer housing counseling paid for by the MFA and available through MFA approved agencies throughout New Mexico. If there is not an approved agency near you, MFA will help you find one.

Borrowers may hold no more than six months of total household income in reserve after closing. Retirement funds such as 401(k) accounts, IRAs, etc. are not considered part of a household’s reserve.

PRICE LIMITS

Area

Purchase Price Limits

Los Alamos County

$380,650

Santa Fe County

$427,500

San Juan County

$281,250

All Other Areas and Counties of the State

$271,050

*Can include manufactured homes on permanent foundations, also town homes, condos, or PUD’s. Maximum income limits are below.

Counties

Income Limits By Family Size

1

2

3

4

5

6

Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia)

$30,380

$34,720

$39,060

$43,330

$46,830

$50,330

Santa Fe MSA and Los Alamos Counties

$38,500

$44,000

$49,500

$54,950

$59,350

$63,750

Farmington MSA (San Juan County)

$31,650

$36,200

$40,700

$45,200

$48,850

$52,450

Las Cruces MSA (Dona Ana County)

$26,750

$30,550

$34,350

$38,150

$41,250

$44,300

Colfax

$29,650

$33,850

$38,100

$42,300

$45,700

$49,100

Eddy

$32,400

$37,000

$41,650

$46,250

$49,950

$53,650

Harding

$27,400

$31,300

$35,200

$39,100

$42,250

$45,400

Lea

$27,550

$31,500

$35,450

$39,350

$42,500

$45,650

Lincoln

$31,750

$36,300

$40,850

$45,350

$49,000

$52,650

All Other Areas and Counties of the State

$26,750

$30,550

$34,350

$38,150

$41,250

$44,300

For more information, contact one of our homeownership representatives at:
Main: (505) 843-6881
Fax: (505) 243-3289