Mortgage$aver Programs

Looking For An Affordable Way To Buy A Home?

MFA's Mortgage$aver program package offers below-market interest rates and/or closing cost assistance to first-time homebuyers. First-time homebuyers are individuals who have not owned a home (including a manufactured home on a permanent foundation) in the last three years. Programs include Mortgage$aver, Mortgage$aver Zero, Mortgage$aver Xtra and Mortgage$aver Plus. Eligibility for each program is based upon household income and family size and the sales price of the home.

Mortgage loans available through these programs include FHA, VA and conventional loans that include the MyCommunity and Community Solutions Programs. Rural Housing Service, guaranteed, leveraged, or direct loans are also available, as are Native American loans.

What Do The Mortgage$aver Programs Mean To You?

Lower monthly mortgage payments and less up-front money. Using these programs means you don't have to pay an origination or loan discount fee when your home loan closes. Some programs even provide you with a grant that does not have to be repaid to cover other closing costs.

About the Mortgage$aver Programs

• Mortgage$aver loans are 30-year fixed-rate loans available at rates below the 30-year fixed market rate.
• Mortgage$aver Zero is close to the 30-year fixed market rate, but has no origination fee or discount fee.
• Mortgage$aver Xtra features a deeply discounted interest rate for very low-income borrowers who are at or below 50 percent of the area median income.
• Mortgage$aver Plus has an interest rate that is slightly higher than the 30-year fixed market rate, but has no origination or discount fee. It includes a grant that is 3.5 percent of the total loan amount, which can be used towards the down payment, closing costs and prepaid expenses. It can also fund an interest rate buydown cost, VA funding fee, FHA up-front mortgage insurance premiums or reduce the principal loan balance.

Others Ways We Can Help With Up-Front Costs

MFA has several second mortgage programs that may substantially reduce out-of-pocket” cash requirements. An MFA homeownership representative or an MFA-approved mortgage lender can provide income limits for these programs.

How Do I Qualify For The Mortgage$aver Programs?

An MFA-approved mortgage lender will review your monthly income, expenses, employment history and credit report to determine what programs you are eligible for. The lender will also decide how much down payment and/or closing cost assistance you need and will recommend, if necessary, the appropriate second mortgage or grant program.

Where Do I Apply?

Please contact a MFA-qualified mortgage lender from our statewide network.

Family Income Limits

Current gross annual household income may not exceed limits listed below unless the borrower is planning to purchase a home in a targeted area.  Targeted area limits are listed below.

Home sales Price Limits

Residences financed can include single-family detached homes, town homes, condominiums, homes in planned unit developments, and permanently attached manufactured homes. Total home sales price may not exceed the limit listed below, unless they are in a targeted area. Targeted area limits are listed below.

Mortgage$aver Program Limits For Federally Targeted Areas

Household income and home sales price limits apply to specific census tracts located within certain areas of the state referred to as "targeted areas." These targeted area census tracts are listed below. Borrowers purchasing homes in these areas do not have to be first-time homebuyers. All other program guidelines apply.

Income Limits for Targeted Areas

Home Sales Price Limits for Federally Targeted Areas

Other Federally Targeted Area County/Census Tracts

Please contact an MFA homeownership representative for the specific locations of the census tracts listed as a targeted areas.

For ore information, contact one of our homeownership representatives at:
Main: (505) 843-6881
Fax: (505) 243-3289