NOFA - MFA - Housing New Mexico

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17. ACQUISITION COST LIMITS The Acquisition Cost of Residential Housing to be financed with the Mortgage Loan must not exceed the Acquisition Cost Limits set forth in Exhibit A. 18. RESIDENTIAL HOUSING The Mortgage Loan must be for the purchase of Single Family Residential Housing. a. Residence has one (1) kitchen and no rental units 19. FIRST-TIME BUYER/NON FIRST-TIME BUYER If a borrower is a first-time home buyer, a member of the Targeted Occupation as defined in Section 2 and is over income for the Mortgage$aver Program, the loan may be reserved under the HERO TBA Program. There are no First-Time homebuyer requirements under this Program. However, the borrower cannot be in title to any other property at the time of purchase. For purposes of qualifying for the Mortgage Loan, the borrower may use a Non-Occupant Co-Signer. The Non-Occupant Co- Signer will be liable for the Mortgage Loan debt (must sign the Note), but will not have a real estate interest in the property being financed. 20. HOMEBUYER COUNSELING 21. RECAPTURE Homebuyer Counseling is required for First Time Homebuyers only. eHome America Online Pre-Purchase Homebuyer Counseling or face to face/group Pre-Purchase Homebuyer Counseling provided through an MFA approved Housing Counseling agency are acceptable methods of Pre-Purchase Homebuyer Counseling. There are no "Recapture" requirements under this Program. 22. TAX EXEMPT RIDER A Tax Exempt Financing Rider is not required. 4 - 14
23. RESERVATION REQUEST All Reservations must be made via MFA’s on-line reservation system found on MFA’s website: www.housingnm.org. 24. AFFIDAVITS The Affidavits of Purchaser and Seller are not required. 25. ASSIGNMENT OF MORTGAGE MFA will not issue a form of assignment to be used in connection with Mortgage Loans in this issue. Mortgage Loans must be assigned to the Master Servicer of the mortgage loan. 4 - 15
Page 1 and 2: NOTICE OF FUNDS AVAILABILITY (“NO
Page 3 and 4: 4. UNDERWRITING a. Mortgage Lenders
Page 5 and 6: Master Servicer will purchase loans
Page 7: equirements of RESPA and all other
Page 11: 2. ACQUISITION COST LIMITS The Acqu

NOFA - MFA - Housing New Mexico

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