04/03/2024
Hi Agents and Friends!
MFA UPDATE
• $10,000 third lien (no longer $15,000)
o Entire amount must be used towards the down payment, no funds can be applied towards closing costs
• 0% interest rate however the loan is amortizing with a $55.56 principle monthly payment amortizing over 15 years
o NO LONGER FORGIVABLE. Balance must be paid if the loan is refinanced or the home is sold
• Must be used with the First Down 2nd lien product. Minimum 2nd lien allowed is $1000
• FHA, VA, USDA, HUD 184 and Freddie Mac loan ONLY. Fannie Mae loans are not allowed
• Homes purchased in a Targeted Area can exceed the First Home income limits and still be eligible for the First Down Plus $10,000 loan
o Also, homes purchased in a Targeted Area are exempt from the First Time Homebuyer requirement