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 amount is 8 percent of the sales price.
How is the loan repaid?
Mortgage Booster loans are repaid over 30 years at a fixed-interest rate that is 0.5 percent higher than the MFA Mortgage$aver (1+1) rate. There is no pre-payment penalty.
Do borrowers have to make two payments on their home?
No. Both first and second mortgage loan payments are made with a single monthly coupon.
Is good credit necessary to qualify?
Yes. Borrowers must qualify for MFA’s Mortgage$aver program to take advantage of Mortgage Booster.
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) | $55,900 | $55,900 | $64,285 | $64,285 | $64,285 | $64,285 |
| Santa Fe MSA (Santa Fe County) | $57,000 | $57,000 | $65,550 | $65,550 | $65,550 | $65,550 |
| All Other Areas and Counties of the State | $46,600 | $46,600 | $53,590 | $53,590 | $53,590 | $53,590 |
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 |
||
| Santa Fe | $343,799 | |
| Los Alamos | $286,875 | |
| All Other Areas and Counties of the State | $237,031 | |
Price Limits for Targeted Areas
|
Mortgage Booster Price Limits (Targeted Areas) |
||
|
Area |
Purchase Price Limits |
|
| All Other Areas and Counties of the State | $289,704 | |
Participating Lenders
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
