One
of the goals of HOME-New
Mexico (HNM) is to provide enough financial subsidies
to help people with disabilities afford a home that will meet
their needs. Some of the financial subsidies are made available
through other agencies, but HNM facilitates access to those
outside resources. Currently, HNM clients utilize a combination
of the following programs:
MFA's
Helping Hand
New
Mexico Mortgage Finance Authority (MFA) makes available
a $8,000 zero-interest loan to low-income people with disabilities
for down payment and/or closing costs.
MFA's
Mortgage $aver
MFA's
Mortgage Saver provides a below-market interest rate
to first-time homebuyer families whose income is at or below
80% of the area median income adjusted by family size. The Helping
Hands loan is tied to the Mortgage $aver.
Fannie
Mae Home Choice
Fannie
Mae HomeChoice
is a flexible conventional loan product specifically
designed for people with disabilities. HNM has been a nationwide
leader in utilizing this resource to help people with disabilities
qualify for financing.
HOME-New
Mexico - Emergency Fund
We
understand that families sometimes face financial difficulties
that result from a major family emergency. For this reason,
HNM can help existing clients with one month's mortgage payment.
This assistance is in the form of a zero-interest loan, to be
repaid as agreed by the family and HNM staff. Assistance is
provided on a case-by-case basis, under the discretion of the
Executive Director. Only families who have received extensive
pre-purchase counseling from our agency and who have become
homeowners through one of our programs are eligible for this
assistance.
