If you’re a First Time Homebuyer in Albuquerque you’ll definitely want to watch this video about the New Mexico MFA Loan. For a lot of first time home buyers this can be a way to get into a new home for as little $500 down.
“New Mexico MFA Loan Explained ” is the third video in a recent series of vlogs (video blogs) for first time homebuyers which includes “How Much Do I Need for My Down Payment,” and How Much Do I Need for Closing Costs.”
Please watch my really short video to learn about this first time homebuyer loan which is exclusively available to the residents of New Mexico-
Video: Albuquerque First Time Homebuyer Loan
The New Mexico MFA loan is the perfect solution for first time home buyers looking for downpayment asistance.
“Just because you don’t have a lot of cash for downpayment or closing costs doesn’t mean that you can’t buy a home. There’s a really great loan program called the MFA loan that’s out there for first time homebuyers or anybody who hasn’t owned a home in three years. Here’s how it works:
If you qualify, you can receive grant money for your down and payment and closing costs. And if you use an experienced Realtor like me, I can usually get you into at he house for $500 or less.
While this is a great way to get into a house for little or no cash upfront, there’s three important things that you need to know.
First of all their are income limits, this is for low and middle income families but you might be surprised how high the limit is. Number two, you’ll pay a slightly higher interest rate. It varies, but right now it’s about a half a point higher. And number three, if you win big at the casino, or win the lottery, and you decide to sell that home within a certain amount of time, you may have to repay part or all of that grant money.
But those three things aside this is a really awesome loan program that’s almost too good to be true.
So, now I’m a Realtor, not a lender, I can’t do this loan for you, but I can get you in touch with a really great lender who can. Just let me know.”
Thanks for watching, for more Albuquerque real estate videos please visit my YouTube channel.
by Albuquerque real estate agent Rich Cederberg