- MFA’s mortgage programs provide homebuyers with competitive interest-rate mortgage loans and assistance with down payment and closing costs.
- The First Home Program offers a first mortgage loan with a competitive interest rate to first-time homebuyers with a safe and affordable 30 year, fixed rate; First Home has no origination or discount fee charged to the homebuyer.
- The First Down program is a second mortgage loan amortized over 30 years with a low interest rate to help first-time homebuyers with minimum down payment and closing costs.
- The Next Home Program provides non first time homebuyers the opportunity to purchase their next home. Next Home is also available for first time homebuyers, if it best suits their needs.
Down Payment Assistance (DPA) Programs
New Mexico Mortgage Finance Authority (MFA) Programs
Arizona Finance Authority Program
- The HOME Plus Home Loan Program offers a pathway to homeownership by giving creditworthy renters who can qualify for a mortgage, but cannot afford the down payment and or closing costs, the funds to move forward.
- The HOME Plus Home Loan Program provides a competitive 30 year fixed rate mortgage with a down payment assistance grant up to 3% of the loan amount on a home purchased in Arizona (except Maricopa and Pima counties). The DPA assistance is a true grant, with no repayment terms or conditions. Income limitations are county specific and debt-to-income ratio limitations apply. You do not need to be a First-Time Home Buyer, however you must meet minimum FICO score requirements and underwriting guidelines. This program can be used with the Mortgage Credit Certificate (MCC) Program, which offers a federal income tax credit of up to $2000 to qualified borrowers. Each county has different purchase price limitations and refinancing is not permitted.
City of Phoenix, AZ First Time Home Buyer Program
- The Industrial Development Authority of the Maricopa County and The Industrial Development Authority of the City of Phoenix, Arizona have joined together to help homebuyers obtain FHA, VA, or USDA-RD loan financing to purchase a home anywhere in Maricopa County, including the city of Phoenix.
- Through the Home in 5 Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable 5% down payment/closing cost assistance grant, with special incentives for qualified United States military personnel.
- The Home in 5 Program offers up to 4.5% of the loan amount towards your down payment in Maricopa County only. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score requirements and FHA guidelines. Maximum purchase price shall not exceed $300,000.
Washington State Housing Finance Commission Programs
- Home Advantage DPA offers up to 4% of the mortgage loan amount in down payment assistance, for borrowers using a Home Advantage Loan or up to 5% using the conventional HFA Preferred Loan. Income limitations up to $145,000 and minimum FICO restrictions of 620 apply throughout the State of Washington.
- Energy Spark is designed to work hand-in-hand with a Home Advantage loan and down payment assistance by saving borrowers ¼ percent on their interest rate when buying an energy-efficient home or making upgrades to an existing home.
- House Key Opportunity Program is offered only on a grouping of programs based in specific areas of Washington State which offer down payment assistance up to as much as $55,000. Income limitations do apply and are city specific.