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Affordable Mortgage Loan for Homebuyers

First Home Program

MFA’s First Home Program offers a first mortgage loan with a competitive interest rate to first-time homebuyers. First-time homebuyers are individuals who have not owned and occupied a home as their primary residence (including a manufactured home on a permanent foundation) in the past three years. Eligibility for each program is based upon household income, family size and the purchase price of the home.

The First Home program can be used in conjunction with a FHA insured, VA insured and Fannie Mae’s (“FNMA”) MyCommunity™, HFA Preferred™ suite of products. USDA Rural Development guaranteed, leveraged, or direct loans are also available as well as the HUD Section 184 Indian Housing program.

First Home Program Benefits

Lower monthly mortgage payments and, in some cases, lower up-front cash requirements.  First Home has no origination or discount fee charged to the homebuyer.

Down Payment Assistance for the First Home Program

The First Down payment assistance program can be used in conjunction with the First Home program and can help to cover the required down payment, closing costs and prepaid expenses. MFA can provide more detail for the First Down program upon request.

First Home Program Qualification

An MFA-approved participating lender will review the homebuyer’s monthly income, expenses, employment and credit to determine if the First Home program best suits their needs. The participating lender will also determine the amount of down payment/closing cost assistance for which the homebuyer qualifies for, based on their situation.

Obtaining a First Home Loan

Homebuyers please contact a MFA-approved participating lender from our statewide network.

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

Current Rates

Current interest rates

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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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