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The Alabama Housing Finance Authority provides Alabama residents with low- to moderate-incomes with help buying their first home. There are several programs you can apply for depending on your circumstances. Below is a list of Alabama’s main housing programs. Please visit Alabama Housing Finance Authority or contact a free housing counselor near you for more details.
First Step is a housing program aimed at low to moderate income borrowers, which is funded by tax-exempt mortgage revenue bonds. This program offers 30-year mortgages with competitive interest rates and flexible eligibility criteria. Funding issues have put this program temporarily on hold, but is expected to come back online soon.
Mortgage Credit Certificates are offers help to low to moderate income borrowers by reducing their federal tax liability. This effectively increases borrowers income, which can be used towards paying for housing expenses.
Rural Alabama Mortgage Program is a partnership program between the Alabama Housing Finance Authority and the United States Department of Agriculture Rural Development. It offers low interest rates on 30-year mortgages for borrowers in rural areas (localities with 10,000 habitants or less).
Step Up is a housing program that can work in tandem with a First Step mortgage or with mortgages offered by other lenders. The program offers moderate income borrowers a loan to help pay for a home’s down payment. This program is designed for borrowers who can afford a mortgage’s payments but cannot come up with the necessary down payment, closing costs and prepaid interest payments (a.k.a points).
Habitat for Humanity has partnered with the Alabama Housing Finance Authority to offer low-income borrowers with a low cost home buying option. The Alabama Housing Finance Authority pays the Habitat Affiliate a lump sum for the construction of the new home, while the borrower pays the Housing Finance Authority in monthly payments.
The AHFA also offers the American Dream Downpayment Initiative, an interest-free loan of up to $10,000, which can be used towards down payment and closing costs.
If you are planning to take advantage of current low prices and need a mortgage. Now might be the time to apply for a AHFA backed mortgage. Talk to a free counselor to learn about the latest housing programs and requirements. These counselors are funded by the government and provide (at least they should) unbiased advice to help you buy your first home.
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