HOUSING NEW MEXICO: PROVIDING HOMEOWNERSHIP OPPORTUNITIES FOR DECADES By Kristie Garcia, Housing New Mexico Housing New Mexico — also known as New Mexico Mortgage Finance Authority (MFA) — has been helping people realize their dream of homeownership for nearly five decades. After its creation through the state legislature in 1975, New Mexico Mortgage Finance Authority executed its first bond issue in December 1976 with letters of credit from four banks: Albuquerque Federal Savings and Loan, First National Bank of Albuquerque, New Mexico Savings and Loan, and Southwest Mortgage. That $20 million bond sale in 1976 was followed by another $38 million bond sale in June 1977, which kicked off years of assisting New Mexicans with purchasing homes. Suburban Mortgage in Albuquerque was one of the first mortgage lenders to use MFA’s bond money to help low-income families buy homes. Fast Forward to the Present MFA rebranded to Housing New Mexico in July 2024, and nearly 50 years later, the quasi-governmental agency continues to house New Mexicans. Its mortgage programs provide homebuyers with down payment and closing cost assistance, as well as competitive interest-rate mortgage loans. A minimum credit score of 620 is required, and all first-time homebuyers must receive pre-purchase homebuyer counseling. Housing New Mexico currently offers the following mortgage programs: • FirstHome and FirstDown are first and optional second mortgage loan programs for individuals or families who have not owned and occupied a home as their primary residence in the past three years. FirstHome may be used with Housing New Mexico’s down payment assistance programs, 18
RkJQdWJsaXNoZXIy MTg3NDExNQ==