MFA New Mexico Housing Trust Fund | New Mexico Housing

MFA New Mexico Housing Trust Fund is administered by the New Mexico Mortgage Finance Authority (MFA) to expand

access to safe, affordable housing. Qualified borrowers receive varies along with homebuyer education, credit

counseling, and post‑purchase resources. Funds may be layered with federal products, such as FHA, VA, or USDA

loans, and other state initiatives to maximize purchasing power. The program works statewide through a network

of MFA‑approved lenders and requires a minimum investment from the borrower to ensure long‑term

sustainability. Borrowers must occupy the property within 60 days of closing and meet annual recertification

requirements when applicable. MFA periodically reviews income and purchase‑price limits to reflect HUD

guidelines and local market conditions, guaranteeing that assistance targets those most in need.

• Household income must fall within MFA’s annually published limits based on family size and county.

• Purchase price (or after‑rehab value) cannot exceed program cap for the property location.

• Borrower must complete a HUD‑approved homeownership education course prior to closing.

• Minimum middle credit score of 620 (640 for conventional products) and DTI ≤ 45 %.

• Varies applied toward down payment, closing costs, or principal reduction.

• Fixed‑rate financing keeps monthly payments predictable.

• Option to layer with Mortgage Credit Certificate for up to $2,000 annual federal tax credit.

• Free post‑purchase counseling reduces long‑term delinquency risk.

1. Consult MFA’s income and purchase‑price charts to confirm baseline eligibility.

2. Select an MFA‑approved lender and complete a loan application with credit review.

3. Enroll in a HUD‑certified homebuyer education class and obtain completion certificate.

4. Lender reserves funds through MFA’s online portal and submits full loan package for approval.

5. Attend closing; MFA assistance is disbursed to cover authorized costs. Move in within 60 days.