First Time Home Buyer Program New Mexico 5053495289
First time home buyer programs in Albuquerque,New Mexico are also referred to as the MFA program. You may already know that you needa down payment for a home and that the payment can be as low as three and a half percent.In the event that this is your first home and you don't have that three and a half percent,the MFA program will kick in your down payment for you in the form of a second loan. Thismeans that you don't have to come to the table with any money but that for closing costsand inspections. This may sound like a great idea. I do wantto warn you that the banks and the government backers will make you jump through more hoops.If that isn't enough of a deterrent, please
remember that in borrowing that three anda half percent down or $3500 for your $100,000 first home, you could end up paying $10,000to $15,000 over the life of this second loan. When my clients ask what would I do or whatI did, I'm happy to tell them that I spent a little bit more time saving for the downpayment, and I did not partake of the MFA program. When you're starting with your firsthome, it's better not to have more than one payment on this first home.If you found this information helpful, there is more information for you on my Web site.Just visit ChadPetty or give me a call at (505) 3495289. Thank you and have a greatday.