MFA stacking — combining FIRSTHome, FirstDown, and DPAdvantage for up to $35K in New Mexico
Housing New Mexico (MFA) runs three complementary programs that stack: FIRSTHome (first mortgage), FirstDown (DPA), and DPAdvantage (additional grant). Combined assistance can reach $35,000 for qualifying Albuquerque-metro buyers.
How the three programs work together
FIRSTHome is the first mortgage — a 30-year fixed at HFA-program pricing. Pairs with FHA, conventional, USDA, or VA. Income limits apply.
FirstDown is the DPA second — up to $10,000 to cover down payment or closing costs. 0% interest, deferred, repaid at sale or refinance.
DPAdvantage is the grant overlay — up to $25,000 for low-to-moderate income buyers. True grant: no repayment unless you sell within the first few years.
Albuquerque $300K FHA scenario
| Item | No assistance | Full MFA stack |
|---|---|---|
| Purchase price | $300,000 | $300,000 |
| FHA loan | $294,750 | $294,750 |
| Down payment cash | $10,500 | $0 (covered by FirstDown) |
| Closing costs cash | ~$7,000 | ~$0 (DPAdvantage) |
| Reserves needed | $5,000 | $5,000 |
| Total cash to close | ~$22,500 | ~$5,000 |
Eligibility specifics
- First-time homebuyer (no homeownership in past 3 years).
- Income limits by household size and county.
- Purchase price within MFA limits (varies by county).
- Credit score 640+ for FIRSTHome and FirstDown.
- 640+ also for DPAdvantage grant.
- Owner-occupied primary residence.
Common questions
Are there NM-specific eligible cities or is this statewide?
Statewide. MFA programs work in Albuquerque, Santa Fe, Las Cruces, Rio Rancho, Farmington, and rural NM.
Can I stack with city-specific Albuquerque programs?
Sometimes. Some city programs allow stacking; some don't. We verify before quoting.
What if my income is just over the DPAdvantage limit?
FirstDown + FIRSTHome alone still provides up to $10K assistance and HFA pricing. Lose only the grant overlay.
Does NM tribal land qualify?
Pueblo and Navajo Nation lands have separate HUD 184 programs. Not directly MFA-eligible due to title structure.
How Mike + Cornerstone help
I'm licensed in New Mexico. MFA's three-program stack is one of the most generous in the country for income-qualifying buyers. We structure the full stack for Albuquerque, Santa Fe, and Las Cruces buyers regularly — the math typically reduces cash to close by 70-80%.
Talk to Mike first Get pre-approved
No pressure, no commitment. Free 20-minute consult. Mike will look at your scenario and tell you straight whether this works for you.