While the MFA office is temporarily closed to walk-in visitors, all MFA programs are up and running. The majority of MFA staff are 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: MFA continues 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: With the exception of vacant and abandoned properties, foreclosures and evictions are suspended for homeowners with Freddie Mac and Fannie Mae mortgage loans through March 31, 2021 and HUD mortgage loans through June 30, 2021. 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 through June 30, 2021. 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.
RENTERS: The Supreme Court of the State of New Mexico issued two orders, one on March 24, 2020 (No. 20-8500-007) and one on March 26, 2020 (No. 20-8500-008), which address eviction for non-payment of rent cases. These orders require judges to stay (put a hold on) evictions in cases where the tenant has shown the court that they are unable to pay rent. Therefore, anyone currently renting a house or apartment in New Mexico may not be evicted for failure to pay rent.
If you live in a HUD-administered subsidized apartment community, your rent is still due. However, if you are having trouble making your rent payment, the CARES Act prevents your landlord from starting eviction proceedings. This HUD brochure provides additional information.
If you live in an apartment community that receives funding from HUD, your manager is being strongly encouraged by HUD to negotiate a rent repayment plan with you in order to keep you housed. Here is a guide to help you create a rent repayment plan to submit to your manager: Tenant Guidance: Rent Repayment Plans.
On September 4, the Centers for Disease Control and Prevention (CDC) issued an emergency public health order to temporarily halt non-payment evictions to prevent the further spread of COVID-19. The order will be effective through December 31. To take advantage of the order, an eligible tenant must execute a declaration form attached to the order confirming eligibility and requirements are met. The emergency order applies only to those unable to make full rent payment and does not prohibit evictions resulting from issues other than nonpayment of rent. The eviction moratorium does not require landlords to forgive housing payments or preclude the charging or collection of fees, penalties, or interest for failure to make rent and housing payments.
MFA is providing rental assistance funds to approximately 200 affordable apartment complexes in the state. To determine if you live in one of these apartment communities and to see if you qualify for rental assistance, go here.
Several nonprofit organizations receive funds from MFA to administer rental and utility assistance programs. To see if you qualify for help with your rent or utility expenses, call one of those organizations directly.
If you are having a dispute with your landlord, New Mexico Legal Aid may be able to help. Go to the New Mexico Legal Aid website or call 1-833-LGL-HELP (1-833-545-4357) Monday through Thursday, 10 a.m. to 3 p.m.
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.
AFFORDABLE HOUSING DEVELOPERS: MFA has reveiwed the existing IRS Revenue Procedure 2014-49 and will be granting relief to Low Income Housing Tax Credit program participants as it relates to project development compliance requirements and deadlines. For eligible developents, there will be a six-month extention of the 10 percent test and a 12-month extention of the placed-in-service date. Learn about eligiblity criteria and extention details here.