The New Mexico Mortgage Finance Authority (NMMFA) is currently promoting its“Hero” program for Teachers, Safety workers, Health Care workers and Active Members of the Armed Forces. We love helping these people and have been doing promotions at workplaces. If you would like us to come to your work place and tell your friends, staff, colleagues, please call us at 505-750-3305
Here are the things you should know about it:
It is an FHA type loan
You must have a minimum 620 credit score.
Borrower must have $1,000.00 of their own money into the loan. This $1,000.00 may not come from a gift.
Borrower does NOT have to be a first time homebuyer. They cannot currently own any single family homes.
The Income Limit is $73,200.00.
The price of the home/property can not go over $243,945.00
This is a grant program which means the money is paid for you. The amount of the grant is 3.5% of the final loan amount (including upfront MIP) and can be used towards down payment and costs. Depending on the lender you use, this can mean only $1000 to close on a new house. The $500 down program is for low income first time homebuyers. Check with us on that NM Mortgage Loan as well!
We have several mortgage lenders that we will refer you to help with this program. There are also other loan programs for low income borrowers. Ask us about other MFA loan programs for buyers. Again, call 505-750-3305 for your Albuquerque Realtor, The Templeton Team.