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Mortgage Programs

MFA's mortgage programs provide homebuyers with down payment and closing cost assistance as well as competitive interest-rate mortgage loans. An MFA participating lender will help you determine which program is best for you. You can find a list of participating lenders by clicking the link on the menu bar to the left. 


A mortgage loan for individuals or families who are buying a home for the very first time.
FIRSTHome Description
English factsheet
Spanish factsheet


A second mortgage loan  with a low interest rate that helps first-time homebuyers with down payment and closing costs.
FIRSTDown Description
English factsheet
Spanish factsheet


NEXTHome is a combination first mortgage loan and down payment assistance second mortgage loan that is available to qualifying first-time homebuyers as well as non first-time homebuyers. It has a single statewide qualifying income limit and purchase price limit.
NEXTHome Description
English factsheet
Spanish factsheet

For more information about any of MFA's homebuyer programs, please contact a homeownership representative at 505.843.6881 or contact us here.


HOMENow is a second mortgage loan available to first-time homebuyers with income at or below 80 percent AMI. The program provides the lesser of 8 percent of the sales price or $8,000, which can be used to finance the minimum down payment and closing costs. The HOMENow second mortgage loan has a 0-percent interest rate and is non-amortizing. The loan may be forgiven after 10 years if the borrower satisfies certain requirements. 
English factsheet

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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