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As of August 2007 150,000 is available. The new contract # is 07- 01-H4H.  Contact the Program Administrator to ensure that there is funding available for your loan.

LTTF Overview and Checklist (printable checklist)

The LTTF program is available only to the Alamogordo, Albuquerque, Las Cruces, and Santa Fe affiliates.  A $5,000, 0% interest 20 year loan is available per eligible family.  In order to be eligible for funding, a family must earn at or below 50% of the Area Median Income.

Step 1:   Two weeks prior to closing, submit the following:
1. Copy of the Note to be signed at closing (needs to be filled out completely, including closing date) OR if available, original signed note.
2. Copy of the Mortgage to be signed at closing  (needs to be filled out completely, including closing date) OR if available, original recorded mortgage.
3. Copy of the draft HUD-1 OR signed final HUD-1
4. Income Calculation Sheet - attach income documentation (copy of pay stub, tax return, VOE, etc.).  Income must be at or below 50% AMI.  You may use the income at the time of application to Habitat for Humanity.
5. Copy of  Appraisal
6. Applicant’s Social Security #
  
NOTE:  MFA will not disburse funds until they have proof that the loan has closed (signed HUD-1 and signed loan documents).  You may choose to wait to submit your request for funding after closing, as long as you know that the homeowner meets all eligibility requirements.

Step 2:  Immediately after closing, fax the final HUD-1 (include signature page) and signed Note and Mortgage documents to Program Administrator.  MFA staff will not release LTTF funds until they have received proof that the closing has taken place.

Step 3:  Mail original recorded Mortgage and signed original Note to Program Administrator.  LTTF funds may be held until these final loan documents are received.Send originals plus 1 copy to: P.O. Box 3307, Albuquerque, New Mexico 87190

Step 4:  LTTF funds must be paid back by the homeowner.  The affiliate is responsible for collecting ALL monthly payments until they have received notification that MFA will take over servicing of this loan.  Notify the Program Administrator if you have not received notification from MFA.