While the MFA office is closed to walk-in traffic, all MFA programs are up and running. Staff is working from home and may be reached by phone or e-mail. Here is an update on what is happening at MFA and how it impacts you:
HOMEBUYERS: We continue to process mortgage loans and provide down payment assistance. Check with your lender or REALTOR to determine how to move forward with your home purchase.
If you are looking for an MFA-approved lender, click here.
LENDERS AND REALTORS: Regardless of rumors that that circulate periodically, all MFA homebuyer programs are operating as usual, including the NEXTHome program. Should there be any program changes, you would be notified in advance.
As you know, Idaho Housing Finance Agency acts as MFA’s sub-servicer as well as our contract service provider to purchase loans. MFA provides the funds for loan purchases to IHFA through our own resources and lines of credit. We are not solely reliant on loan securitization for our loan purchases.
To the extent we can, MFA is doing everything possible to approve and purchase loans as quickly and efficiently as possible. To that end, MFA worked with IHFA to require only the purchase conditions that jeopardize salability or insurability at the time of the loan purchase. Other conditions may be cleared after loan purchase. However, to facilitate a quick purchase, it is imperative that participating lenders deliver a complete, clean, and properly stacked loan file. Find out more here.
As recently announced, loans in forbearance delivered to Fannie Mae will be assessed loan level pricing adjustors in the amount of 5 percent for first time homebuyers and 7 percent for non-first-time homebuyers. MFA will continue purchasing these loans without passing on these additional fees to the lender for loans originated in March through May 2020.
HOMEOWNERS: Foreclosures and evictions are suspended for homeowners with Freddie Mac, Fannie Mae and HUD mortgage loans until at least June 30. However, if you are having trouble making your mortgage payment, please talk to your mortgage service provider as soon as possible.
MFA mortgage payments can be made online here. If you need assistance, watch the “How to make your online MFA loan payment” video at the top of the page.
MFA has waived the fee to process phone payments. If you would like to make your mortgage payment by phone, call: 505.843.6882.
If you must bring a check to the MFA office, please drop it in the lockbox, which is to the right of the main door. Your canceled check is your receipt.
AFFORDABLE PROPERTY OWNERS, AGENTS AND MANAGERS: MFA has temporarily suspended site inspections. For properties scheduled for an inspection this year, we will begin conducting remote audits of the tenant files and compliance documents received during a review. If your property is being audited remotely, you will be contacted by the MFA housing programs analyst scheduling the review. A physical review of the property and units will be scheduled later to complete the entire review process.
MFA is suspending the requirement to provide social service enrichments, which are required in many tax credit LURAs. Please contact MFA asset management staff if you have any questions.
In accordance with Section 4023 of the CARES Act (the Act), MFA will provide up to 30 days forbearance on loan payments due MFA for FHA-insured Risk Share loans with documented financial hardship. If you would like to make a request for assistance, please review the process and requirements.
A portion of New Mexico Housing Trust Fund is be available to provide short-term rental assistance to eligible tenants of income-restricted properties monitored by MFA who are experiencing financial hardship caused by the COVID-19 pandemic. For more information on how to apply, please review the Notice of Funding.