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HERO (Home Equity & Required Occupation) Are you a hero? If so don't delay calling. TEACHERS...POLICE OFFICERS... FIRE FIGHTERS...NURSES What does HERO provide? MFA’s HERO program is a first and a second mortgage product that provides below market interest rates, down payment and closing cost assistance for the purchase of a home. Who can benefit from hero? HERO was designed to serve households in which at least one member is a police officer, nurse, teacher, firefighter, an active member of the armed forces. What if I’m not a first-time homebuyer? Even if you’re not a first-time homebuyer, you can still qualify for HERO! What is the maximum amount I can borrow? Your lender will help you determine the maximum amount, based on your need. You may qualify for up to 8% of the amount of the sales price of the home. How do I repay this loan? This loan is repaid over 30 years at a fixed interest rate. Does this mean I’ll have to make two separate payments on my home? No. In fact, as an added convenience, you will pay both your first and second mortgage loan payments with a single coupon once a month. See Available Funds for current rates. How does this product differ from other MFA down payment assistance loans? HERO is designed exclusively for households in which at least one member is a police officer, nurse, teacher, fire firefighter or an active member of the armed forces. Additionally, HERO allows you to spread out your repayment over 30 years, which is a longer period of time than with MFA’s other down-payment assistance programs will allow. Do I need good credit to qualify? Yes. You must be able to qualify for a typical mortgage loan in order to take advantage of HERO. Where do I apply? HERO is available through a statewide network of participating lenders. Do I need to apply with both MFA and with a participating lender? No. Your lender will coordinate everything directly with MFA for you, giving you the convenience of “one-stop shopping.” What are the household income limits? ANY SIZE HOUSEHOLD
What are the HERO price limits? Residences financed can include single-family detached homes, town homes, condominiums and homes in planned unit developments, and permanently attached manufactured homes. Total mortgage amount is determined by the program guidelines of your first mortgage loan. Your lender will advise you of the maximum amount for which you qualify.
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