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The New Mexico Mortgage Finance Authority is the main agency responsible of improving access to housing for low to moderate income households in New Mexico. Although not run directly by any government agency, it is an agency of its own which uses both taxes and alternative sources for its everyday management, it is responsible as the state’s official housing agency for over 35 programs, which provide help and assistance to homeowners, the homeless and families that need help finding their first mortgage.
The New Mexico Mortgage Finance Agency was first created in 1975 by the state legislature as a tool to distribute affordable mortgages to low and moderate income families. The funds for these mortgages, or more accurately the insurance for these mortgages, was generated by the sale of tax-exempt bonds. However, since 1997, the New Mexico Mortgage Authority also became the state’s housing agency, which brought under the same roof all housing departments in New Mexico. Now the MFA is responsible for all housing programs including section 8 and other federal projects. The Agency continues to be managed without any funds from the state, although it does manage programs which rely on federal taxes for funding.
The growth of the MFA from its humble beginnings in 1976 is noteworthy. When it started in 1976, the MFA had two employees, in 2008 it had 66. It started selling $20 million in bonds a year, now it sells over $214 million.
The services offered by the New Mexico Mortgage Finance Authority include:
First-Time Home Buyers Loans.
The Agency offered $221 million to over 1,700 first-time buyers in New Mexico in 2008. These loans allow low to moderate income households to qualify for loans to finance their first home.
Down Payment Assistance
The Agency also helps households find the funds to pay for down payments and other mortgage expenses. In 2008, the MFA distributed $4.6 million in down payment assistance and grants. The difference between a grant and assistance is grants do not have to be paid back as long as certain requirements are met by the borrower.
Construction of Homes
The MFA does not only provide funds for mortgages, it also gets involves in the construction of rental and homeownership homes. In 2008, the organization invested $53 million in the construction and maintenance of over 1,400 homes.
Households who cannot at this time afford to buy a home can also receive help to pay for rental expenses. In 2008, the MFA granted over $22 million towards rental assistance programs in over 5,400 rental units.
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