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Why Helping Hand?
Owning a home is a goal for many New Mexico families, but often faced are obstacles, like saving enough money
to cover initial expenses, and achieving comfortable
monthly payments. MFA’s Helping Hand Program is the
most affordable way to buy a first home.
Helping Hand provides down payment and closing cost
assistance for low-income families in which at least one
family member has an ADA disability. The program provides
an $8,000 loan at 0% 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, Helping Hand
may assist with the cost to reduce the monthly mortgage
payments through an interest rate buy-down.
The MFA Helping Hand program is available to first-time
homebuyers who are disabled (ADA) or have a disabled
household member who have not owned and occupied a
primary residence for the past three years.
Many types of first mortgage loans may be used in conjunction
with the Helping Hand program. These include FHA
and a variety of Conventional loans, including the Community
Home Buyer Product (CHBP). Rural Housing Services
(RHS) 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.
The Helping Hand loan is a soft second loan that does need
to be paid back until the property is sold, refinanced, or
transferred, and it is assumable if the buyer meets program
eligibility requirements. After 5 years, this loan may be forgiven
at a rate of 20% per year.
How do borrowers qualify?
A participating lender can determine eligibility for
Helping Hand, explain various MFA loan types, and help
to determine which works best for borrowers. Helping Hand is available through a statewide network of participating lenders.
To use Helping Hand, first time
homebuyer housing counseling must be received by the borrower, but is paid for by the MFA and
available through HOME New Mexico. HOME New
Mexico is located in Albuquerque at 3900 Osuna Rd NE.
Telephone: (505) 889-9486.
Please note that Helping Hand is available statewide on a limited basis. Call MFA for availability.
|
Helping Hand Program Price Limits* (Targeted Areas)* |
Area |
New |
Existing |
| Los Alamos
|
$242,250
|
$242,250
|
| Santa Fe
|
$290,319
|
$290,319
|
| All Other Areas and Counties of the State
|
$200,160
|
$200,160
|
*Can include mobile or manufactured homes on permanent foundations, also town homes,
condos, or PUDs. Maximum income limits are below.
COUNTIES |
by family size |
|
1 |
2 |
3 |
4 |
5 |
6 |
| Albuquerque MSA (Bernalillo/Sandoval/Torrance/Valencia)
|
$32,500
|
$37,100
|
$41,750
|
$46,400
|
$50,100
|
$53,800
|
| Las Cruces MSA (Dona Ana County)
|
$24,200
|
$26,750
|
$31,100
|
$34,550
|
$37,300
|
$40,100
|
| Santa Fe MSA (Santa Fe County)
|
$36,950
|
$42,250
|
$47,500
|
$52,800
|
$57,000
|
$61,250
|
| Colfax
|
$26,400
|
$30,150
|
$33,950
|
$37,700
|
$40,700
|
$43,750
|
| Curry
|
$24,300
|
$27,750
|
$31,250
|
$34,700
|
$37,500
|
$40,250
|
| Eddy
|
$26,900
|
$30,700
|
$34,550
|
$38,400
|
$41,450
|
$44,550
|
| Grant
|
$24,200
|
$27,650
|
$31,100
|
$34,550
|
$37,300
|
$40,100
|
| Hidalgo
|
$24,200
|
$27,650
|
$31,100
|
$34,550
|
$37,300
|
$40,100
|
| Lea
|
$25,500
|
$29,100
|
$32,750
|
$36,400
|
$39,300
|
$42,200
|
| Lincoln
|
$28,750
|
$32,850
|
$36,950
|
$41,050
|
$44,350
|
$47,600
|
| Los Alamos
|
$43,050
|
$49,200
|
$55,350
|
$61,500
|
$66,400
|
$71,350
|
| Otero
|
$24,750
|
$28,300
|
$31,800
|
$35,350
|
$38,200
|
$41,000
|
| San Juan
|
$27,900
|
$31,900
|
$35,850
|
$39,850
|
$43,050
|
$46,250
|
| Socorro
|
$24,200
|
$27,650
|
$31,100
|
$34,550
|
$37,300
|
$40,100
|
| Taos
|
$24,450
|
$27,950
|
$31,450
|
$34,950
|
$37,750
|
$40,550
|
| Union
|
$25,400
|
$29,050
|
$32,650
|
$36,300
|
$39,200
|
$42,100
|
| All Other Areas and Counties of the State
|
$24,200
|
$27,650
|
$31,100
|
$34,550
|
$37,300
|
$40,100
|
|
