FIRSTDown is a fixed-rate second mortgage loan program that provides down payment and closing cost assistance for first-time homebuyers. Here are some quick facts about FIRSTDown:
- Up to $8,000 to assist with down payment and closing costs.
- Must be combined with MFA's FIRSTHome first mortgage loan program.
- Borrowers are subject to the same income limits as the FIRSTHome program. To see a list of income limits, click here.
- An extended repayment term and affordable interest rate provides the homebuyer with a budget-friendly monthly payment.
- Credit score and homebuyer counseling requirements are the same as the FIRSTHome program.
For more information about the FIRSTDown program, click here to download a factsheet.