State Program
MFA Tax Credit Program | New Mexico Housing
MFA Tax Credit Program offers $2,000/year homeowner credit or equity to help New Mexico homebuyers achieve affordable, sustainable homeownership.
Program Details
MFA Tax Credit Program is administered by the New Mexico Mortgage Finance Authority (MFA) to expand access to
safe, affordable housing. Qualified borrowers receive $2,000/year homeowner credit or equity along with
homebuyer education, credit counseling, and post‑purchase resources. Funds may be layered with federal
products, such as FHA, VA, or USDA loans, and other state initiatives to maximize purchasing power. The
program works statewide through a network of MFA‑approved lenders and requires a minimum investment from the
borrower to ensure long‑term sustainability. Borrowers must occupy the property within 60 days of closing and
meet annual recertification requirements when applicable. MFA periodically reviews income and purchase‑price
limits to reflect HUD guidelines and local market conditions, guaranteeing that assistance targets those most
in need.
safe, affordable housing. Qualified borrowers receive $2,000/year homeowner credit or equity along with
homebuyer education, credit counseling, and post‑purchase resources. Funds may be layered with federal
products, such as FHA, VA, or USDA loans, and other state initiatives to maximize purchasing power. The
program works statewide through a network of MFA‑approved lenders and requires a minimum investment from the
borrower to ensure long‑term sustainability. Borrowers must occupy the property within 60 days of closing and
meet annual recertification requirements when applicable. MFA periodically reviews income and purchase‑price
limits to reflect HUD guidelines and local market conditions, guaranteeing that assistance targets those most
in need.
Eligibility Requirements
- Household income must fall within MFA’s annually published limits based on family size and county.
- Purchase price (or after‑rehab value) cannot exceed program cap for the property location.
- Borrower must complete a HUD‑approved homeownership education course prior to closing.
- Minimum middle credit score of 620 (640 for conventional products) and DTI ≤ 45 %.
- Purchase price (or after‑rehab value) cannot exceed program cap for the property location.
- Borrower must complete a HUD‑approved homeownership education course prior to closing.
- Minimum middle credit score of 620 (640 for conventional products) and DTI ≤ 45 %.
Program Benefits
- **$2,000/year homeowner credit or equity** applied toward down payment, closing costs, or principal reduction.
- Fixed‑rate financing keeps monthly payments predictable.
- Option to layer with Mortgage Credit Certificate for up to $2,000 annual federal tax credit.
- Free post‑purchase counseling reduces long‑term delinquency risk.
- Fixed‑rate financing keeps monthly payments predictable.
- Option to layer with Mortgage Credit Certificate for up to $2,000 annual federal tax credit.
- Free post‑purchase counseling reduces long‑term delinquency risk.
How to Apply
1. Consult MFA’s income and purchase‑price charts to confirm baseline eligibility.
2. Select an MFA‑approved lender and complete a loan application with credit review.
3. Enroll in a HUD‑certified homebuyer education class and obtain completion certificate.
4. Lender reserves funds through MFA’s online portal and submits full loan package for approval.
5. Attend closing; MFA assistance is disbursed to cover authorized costs. Move in within 60 days.
2. Select an MFA‑approved lender and complete a loan application with credit review.
3. Enroll in a HUD‑certified homebuyer education class and obtain completion certificate.
4. Lender reserves funds through MFA’s online portal and submits full loan package for approval.
5. Attend closing; MFA assistance is disbursed to cover authorized costs. Move in within 60 days.
Program Overview
Category
State Program
Maximum Assistance
$2,000
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.