1 / 21

WELCOME!

WELCOME!. NEW MEXICO HOUSING SUMMIT AUGUST 21, 2014. MFA PROGRAMS. INSTRUCTOR TERI BACA HOMEOWNERSHIP REPRESENTATIVE. MFA’S ROLE. MFA PROGRAMS WORK WITH: FHA VA USDA RHS CONVENTIONAL. WHAT WE PROVIDE. FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS AFFORDABLE MORTGAGES.

redell
Download Presentation

WELCOME!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. WELCOME! NEW MEXICO HOUSING SUMMIT AUGUST 21, 2014

  2. MFA PROGRAMS INSTRUCTOR TERI BACA HOMEOWNERSHIP REPRESENTATIVE

  3. MFA’S ROLE • MFA PROGRAMS WORK WITH: • FHA • VA • USDA RHS • CONVENTIONAL

  4. WHAT WE PROVIDE FUNDS TO HELP BUYERS WITH DOWN PAYMENT AND CLOSING COSTS AFFORDABLE MORTGAGES

  5. WHO WE HELP FIRST TIME HOMEBUYERS HERO HOMEBUYERS

  6. IRS-MANDATED PROGRAM GUIDELINES FTHB DEFINITION INCOME LIMITS ACQUISITION COST LIMITS ELIGIBLE PROPERTY TYPES OWNER MUST OCCUPY

  7. FTHB DEFINITION NEVER OWNED A HOME HAVE OWNED A HOME (3 YEAR RULE) WAIVER FOR VETERANS

  8. INCOME LIMITS BASED ON HOUSEHOLD SIZE AND LOCATION OF PROPERTY WILL VARY FOR CERTAIN PROGRAMS (PAYMENT SAVER, HELPING HAND, SMART CHOICE & HERO)

  9. ACQUISITION COST LIMITS Will vary depending on location Targeted areas higher

  10. TARGETED AREAS Higher income limits Higher acquisition cost limits Borrower receives lower interest rate No need to be a FTHB

  11. ELIGIBILITY PROPERTY TYPES Detached site built Condos Townhomes Manufactured (Double wide only) Single family homes only

  12. OCCUPANCY Owner occupied only Not suitable for investors

  13. MFA REQUIREMENTS Minimum credit score of 620* Borrowers must contribute a minimum of $500 of their own funds * (Lender may have higher score requirement)

  14. PROGRAMS Mortgage Saver Plus 0+0 (Grant) Mortgage Saver Zero 0+0 Mortgage Saver 1+1

  15. 2nd MORTGAGE DPA Mortgage Booster Payment Saver Helping Hand Smart Choice

  16. HOMEBUYER EDUCATION Required of all FTHB’s In person or on-line, depending on program

  17. SERVICING Idaho Housing & Finance – 1st MFA – 2nd

  18. SPECIAL PROGRAMS HFA PREFERRED (CONVENTIONAL) FHA 203k streamline

  19. HERO PROGRAM Occupation requirements Need not be a FTHB Min. $1,000 borrower cash contribution Cannot own any other real property

  20. HOW TO ACCESS Only MFA-approved lenders can access One-stop shop for borrowers Expected transaction timeline

  21. CONTACT INFORMATION HOMEOWNERSHIP DEPARTMENT: 505-843-6881 www.housingnm.org

More Related