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Mortgage Programs

MFA's mortgage programs provide homebuyers with competitive interest-rate mortgage loans and assistance with down payment and closing costs. An MFA participating lender can help you determine which program is best for you when you buy your home. You can find a list of participating lenders by clicking the link on the menu bar to the left. 

FIRSTHome Program

MFA's first-time homebuyer's program; available to individuals or families.
FIRSTHome Description | Income and Purchase Price/Acquisition Cost Limits
Download a factsheet

FIRSTDown Program

The FIRSTDown program is a second mortgage loan with a low interest rate to help first-time homebuyers with minimum down payment and closing costs.
FIRSTDown Description
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HOMENow is a second mortgage available to first-time homebuyers with income at or below 80% AMI. The program provides the lesser of 8% of the sales price or $8,000 that can be used to finance the minimum down payment and closing costs. This loan has a zero-percent interest rate and is non-amortizing. HOMENow loans may be forgiven after 10 years provided that the borrower satisfies certain requirements.

NEXTHome Program

MFAs NEXTHome Program provides non-first-time homebuyers the opportunity to purchase their next home. NEXTHome is also available for first time homebuyers, if it best suits their needs. NEXTHome has higher income and purchase price limits than MFA’s first time homebuyer program (FIRSTHome). There are no occupational restrictions for the NEXTHome program.
NEXTHome Description
Download a factsheet - Revision coming soon


NEXTDown is a second mortgage used in conjunction with the NEXTHome program.  The loan has a zero-percent interest rate and is non-amortizing.  Payment of the outstanding loan balance is required upon sale, transfer or refinance.  The loan balance is forgiven 20% each year beginning with the 11th anniversary of the note date until fully forgiven at the 15th year anniversary.

Current Rates

Current interest rates

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Mortgage Calculator

Use a mortgage calculator to find out what price home you can afford using a FHA or Conventional loan and how much your payments will be. 

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