Program Overview - one page description of all of the programs administered by HFHNM.  

Below is a guide to help you through the process of applying for program funds, whether you use the Partners Program or opt not to.

Step 1. Calculate Borrower's Income using Income Calculator (Excel Spreadsheet) to make sure your borrower meets all income eligibility requirements:

Partners - MFA staff will calculate the income twice:
- at application (when borrower applied to Habitat); income must be at or below 50% (60% for Taos)
- within 30 days of closing; income must be at or below 80%

FHLB - affiliate must calculate income within 12 months of closing; income must be at or below 50%.  On a case-by-case basis, income may go over 50% dependent upon certain criteria.
HOME - affiliate must calculate income within 6 months of closing; income must be at or below 50%.  On a case-by-case basis, income may go over 50% dependent upon certain criteria.
LTTF - affiliate must calculate income; income must be at or below 50%.  The program regulations do not specify how current income calculation must be, therefore until we are told otherwise by MFA staff, you may use any income documentation from any point in time.

Step 2.  Submit Packet 1 to Program Administrator (do this only if you are selling the loan to Partners)

Step 3.   Determine the Loan Amounts.  You need to know A) what the Sales Price is  and B) the Appraised Value in order to do this step.  

Loan Amount Calculator - if you are using Partners
Loan Amount Calculator - if you are NOT using Partners

Step 4.  Prepare and Sign Purchase Agreement between borrower and affiliate

If you are selling your loan to Partners, at this point you should Prepare Initial RESPA documents

Step 5. Submit Packet 2 (do this only if you are selling your loan to Partners)

Step 6. Prepare for closing

Prepare for Closing if you are using Partners
Prepare for Closing if you are NOT using Partners

Step 7.  Once MFA staff approves packet 2, you may have the closing.  At closing, take the closing checklist to ensure that you have everything that you will need at closing.

Note - if you are not using Partners, you may schedule your closing at any time once you determine the borrower meets each program's income requirements (see step 1).

Closing checklist w/Partners
Closing checklist without Partners

Step 8.  Submit packet 3

Step 9.  Submit FHLB, HOME and LTTF remaining items.  Please note that Program Administrator will NOT submit FHLB, HOME and LTTF requests until original recorded loan documents have been received.

FHLB, HOME and LTTF Checklist w/Partners
FHLB, HOME and LTTF Checklist without Partners
FHLB only Checklist (no Partners and no HOME funds via HFHNM)

Step 10.  Submit packet 4

Step 11.  Wait for your funding to come in.  Once it comes in, celebrate and build more houses!