Mortgage Finance Authority 

The mortgage finance authority also popularly known as the New Mexico Finance Authority (MFA or NMMFA) has been in existence since the last 25 years. It is the largest supplier of affordable housing to over 30,000 families residing in New Mexico.  It operates through a robust network of partners and lenders engaged in financing activities for people of New Mexico who are on the lookout for financing of their affordable homes.  

Mortgage Finance Authority caters to the families belonging to low income groups and also to for-profit and non-profit organizations, facilitating the realization of their dream of owning an affordable home. These could include private businesses, NGOs, counties, special districts, school districts, Indian tribes and Pueblos, local government units and municipalities. The state of New Mexico is given through MFA a fund of $3.4 million in the form of loans, grants, service contracts, technical assistance and cooperative agreements.  

Mortgage Finance Authority has an array of programs to choose from catering to different audiences. Some of them are highlighted below. 

The Homebuyer Program is for individuals belonging to the low to moderate-income group most of whom are first time homebuyers who require assistance in interest rates that are lower than the ones in the market and require down payment assistance.  

The Building Trust Program caters to Native Americans who are keen on purchasing, restoring or building a house on land belonging to the trust. 

The MFA Mortgage Saver Program is offered to first time homebuyers who are given interest rates that are lower than market rates and also arranges for closing cost help.  

The Mortgage Booster Program is again a facility available for first time homebuyers and facilitates down payment and closing cost aid.  

The Payment Saver Program again is for first time homebuyers and helps them get below market rate interests and a second loan on zero percent interest.  

The Hero Program is for families, one member of which belongs to the armed forces, or is a police officer, firefighter, teacher or nurse. It helps them get low interest rates, down payment and closing cost assistance.  

The Helping Hand program is for those first time homebuyers who are suffering from a disability. It helps them get a mortgage loan in which all or part of the closing cost and down payment can be borrowed.  

The homeowner rehabilitation program is offered to those citizens who cannot afford to repair their homes and need financial assistance for the same.