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Affordable Mortgage Loan for Homebuyers

First Down

The First Down program is a second mortgage loan amortized over 30 years with a low interest rate to help first-time homebuyers with minimum down payment and closing costs.

What does First Down provide?

MFA’s First Down program is a second mortgage loan that provides minimum down payment and closing cost assistance to first-time borrowers who qualify for an MFA First Home first mortgage loan.
First Down must be used in conjunction with an MFA  First Home first mortgage loan.

Who can qualify for First Down?

First Down is designed to serve low-to-moderate income first-time homebuyers who need down payment and/or closing cost assistance. You must be able to qualify for an MFA First Home first mortgage loan to receive a First Down loan. Qualifying criteria for the First Home program can be provided through an MFA-approved participating lender.

What is the maximum loan amount?

An MFA-approved participating lender can help you determine the amount of the First Down loan that you qualify for, based upon your needs. The maximum First Down loan amount is $8,000.

How do I repay this loan?

The First Down second mortgage loan is paid each month, in addition to your First Home first mortgage loan.  The First Down features a 30-year, fixed rate term at a 6.00% interest rate. The First Down does not have pre-payment penalty.

Where do I apply?

The First Down is available through a statewide network of participating lenders. The participating lender that you select will coordinate with MFA to secure First Down funds on your behalf.

Does the First Down Program have any restrictions?

Annual household income may not exceed limits listed below, unless the borrower is planning to purchase a home in a Targeted Area or through the HUD Section 184 Indian Housing program. Slightly higher household income limits may apply.

To view current gross annual household income, purchase price/acquisition cost, and targeted area limits click here.

Other Federally Targeted Area County/Census Tracts

Please contact an MFA homeownership representative for the specific locations of the census tracts. For more information about Census Tracts, view our Lenders & Realtors Targeted Area Census Tracts list by county.

For more information, contact one of our homeownership representatives at:

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

Brochures and Fact Sheets

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Mortgage Calculator

Use a mortgage calculator to find out what price home you can afford using a FHA or Conventional loan and how much your payments will be. 

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