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    Alabama Mortgage Help

    Are You Looking for Alabama Mortgage Help? If you’re finding it tough to pay your current mortgage or maybe you are searching for your 1st mortgage to buy your new house, you’re in the right place. There are a small boatload of opportunities out there to inhabitants in Alabama.The Alabama Housing Finance Authority helps a lot more than 85,000 families realize their dream of owning a property. They provide a variety of loan programs that suit the requirements of many purchasers. AHFA enables low to moderate income purchasers to buy a house with low interest and down payment support, not forgetting the favorable sales price and earnings limits help to make qualifying easy for many.   Keep reading for more information


    Concerning the AHFA; The AHFA (Alabama Housing Finance Authority) is a public corporation was created in 1980 to help low to modest income persons get affordable funding for house in the state of Alabama. The AHFA has helped over 122,000 families move into a home since it began with it’s financing plans “First Step” and “Step Up”. Both loans choices give low interest rates and down payment assistance on fixed interest rate Thirty year mortgages. Some property owners also be eligible for a Alabama “MCC” ( Alabama Mortgage Credit Certificate). Regardless of what loan you end up choosing, obtaining a MCC helps make obtaining a house easier still.

    The Alabama Housing Finance Authority supplies Alabama citizens with low to modest incomes with help obtaining their initial home. There are several programs you can make an application for based on your circumstances. Listed below is a list of Alabama’s main housing plans.

    AHFA Homeownership Programs Overview
    Are you currently getting ready to purchase your first home here in Alabama? If you have currently done your house search, then it’s time to learn about the AHFA home loan options that are offered to Alabama Home Buyers. In the Alabama Bond Step-up program towards the Mortgage Credit Certificates, Alabama Housing Finance Authority provides extensive choices for the home buyer. So regardless if you are Buying a home in the Birmingham Real estate market, or Huntsville’s Real estate market, or in another a part of Alabama, the Step Up program might be your house loan answer.

    AHFA offers the following services to help low and moderate income Alabamians obtain homes.

    Hardest Hit Alabama (HHA)

    a brand new program offering $162 million for the prevention of foreclosures in Alabama. Click here to read the details on the The Hardest Hit Alabama



    1st Step Program
    Alabama First Step is a housing program aimed at lower to moderate income borrowers, which is backed by tax exempt mortgage revenue bonds. The program affords Thirty year home loans with reasonably competitive interest rates and versatile eligibility criteria.It Reduces homeownership expenses by financing with below market rate of interest loans and deposit support. These loans provide fixed rate funding for firsttime house buyers who suit household income and home purchase price limitations fixed by federal law and AHFA guidelines.Funding problems have put this program momentarily on hold, but is expected to come back on-line soon. CLICK HERE to Read about this Program

    Step Up Plan

    Gives improved deposit assistance of as much as 100 % financing often with reasonably competitive rates to modest income home buyers on 30 year,  mortgages. Additionally, Step-up provides a generous income limit without any sales price limits. Step-up is a housing program that can operate in tandem with a Initial step mortgage or with mortgages provided by other lenders. This program offers modest income borrowers financing to assist pay for a home’s deposit. The program is made for borrowers who can afford a mortgage’s payments but cannot come up with the required down payment, settlement costs and prepaid charges (a.k.a points). For more information click here

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    Rural Alabama Mortgage Program (RAMP)
    Rural Alabama Mortgage Program is a joint venture plan between your Alabama Housing Finance Authority and the Usa Department of Agriculture Rural Development. It offers low interest rates on Thirty year home loans for applicants in non-urban areas (locations with 10,000 inhabitants or less). Its focus is to Make low interest, 100% loans obtainable in rural places that access to lenders traditionally continues to be limited.  Click here for more information on the Alabama RAMP Program

    Mortgage Credit Certificate (MCC) Program
    Mortgage Credit Certificates are Federal/Alabama offers to help low to average income credit seekers through a reduction of their federal tax liability. This efficiently improves their earnings, which can be used towards paying for real estate expenses.
    It Helps 1st time home buyers by providing a federal income tax credit. This credit is used to lessen the federal income tax owed . Applicants must meet specific AHFA guidelines with income and home purchase price limits established by federal law.  Click Here to find out More about this program.


    American Dream Downpayment Initiative (ADDI)
    The AHFA also provides the Alabama American Dream Downpayment Initiative, an interest free loan of up to $10,000, which may be used towards deposit and closing costs.
    It Immediately cuts down on the first mortgage’s primary balance through an zero interest, 5 yr forgivable subordinate mortgage. This assistance is open to low income, firsttime house buyers buying in picked locations. To learn more about the ADDI in alabama click here


    Alabama HUD downpayment Housing Assitance Programs
    Affordable Housing Programs Within the State of Alabama, with listings of office locations and contract details.

    Alabama Habitat for Humanity Programs
    Habitat for Humanity works closely with the AHFA. This program works like this, the AHFA purchases home loans from Alabama’s Habitat affiliates. This process allows the affiliates to receive the loan amount in advance in a lump sum while AHFA receives the monthly obligations in the affiliates for that lifetime of the borrowed funds. The affiliate then uses the up-front funds to construct more real estate for low income individuals. click here for more information

    Alabama Foreclosures Help
    If you live in Alabama, and therefore are struggling to pay your current mortgage or are searching for a home loan to buy your 1st home, you have several resources to choose from to obtain started.  Click here to learn more

    Alabama FHA home loan programs
    If you are planning to consider advantage of current affordable prices and want a mortgage. Now might be the time to apply for a AHFA backed mortgage. Speak with a free counselor to learn about the most recent housing programs as well as. These counselors are funded by the government and provide (at least they ought to) unbiased advice to help you purchase your first home

    Alabama Mortgage Settlement Compensation
    if you had been foreclosed on in between January 1st, 2008 and December 31st, 2011 by one of the five mortgage servicers involved in the settlement deal, you may be entitled to some compensation.

    Make sure you visit Alabama Housing Finance Authority or speak to a free real estate specialist near you for more details. http://www.ahfa.com

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