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  • Alabama Habitat for Humanity Programs

    Habitat for Humanity takes a group of dedicated volunteers,  who in turn builds simple decent houses in partnership with people in need in the community. Through generous donations of time, building materials and investment, Habitat houses are sold to families at no profit, financed with affordable no-interest loans.

    AHFA is a public entity committed to serving the housing requirements of low and average earnings Alabamians and was created by the Alabama Legislature. The following target is reached as a result of reasonable funding of risk-free, single family and multifamily housing.

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    Utilizing the Synergy of the AHFA and Habitat for Humanity relationship, AHFA acquires home owner loans from Alabama’s Thirty seven Habitat affiliate sites. This action enables the associates to receive the loan amount beforehand in a one time payment while AHFA will get the monthly payments towards the lifespan of the loan. The affiliate then makes use of the initial funds to produce more real estate for low income individuals and their families. Because AHFA’s regulations prohibits purchasing home mortgages from organizations other than banks, the Habitat associate solicits the assistance of any local loan provider to provide a conduit for the transaction of the home loan. The associate promotes the house loan at par towards the local bank, which in turn provides the loan at par to AHFA. By way of this particular action, the partner is also in the position to cultivate a relationship with the neighborhood loan company and also position themselves for potential future economical aid. This kind of advantageous circle unites the regional Habitat members, the loaning community and AHFA to supply Alabama’s less privileged families help up straight into home ownership.

    AHFA has assigned $ 13 million dollars towards this method of providing housing, paying for three hundred and forty four mortgages since ’92


    Alabama American Dream Downpayment Initiative Guide

    What is the American Dream Downpayment Initiative?
    Alabama Housing Finance Authority together with the federal government is providing the American Dream Downpayment Initiative in reducing out of pocket expenses for 1st time home purchasers with reduced wages.  This program is trying to kick start the housing economy by allowing entrance into the housing market by low income earners who are not able to get a home now that he banks have tightened credit restrictions. (more…)

    Alabama Mortgage Credit Certificate (MCC)


    IF YOU are looking for the Alabama Housing then visit www.AHFA.com  or be  connected by calling 1-800-325-2432 or if you are looking for information then continue reading

    Home loan Credit Certificates are offers to aid lower to moderate income credit seekers by lowering their federal government tax bill through use of the Mortgage Credit Certificates which act to reduce income taxes. The MCC Program safely and effectively improves the credit seekers income, which could be put on towards paying out for the property costs .

    The Alabama  Mortgage Credit Certificate Plan

    The Mortgage Credit Certificate is really a Government Income Taxation Credit plan. A Mortgage Credit Certificate increases the amount of home you be considered for (by increasing your after tax income)  plus it helps you to take home additional hard earned cash for each payroll check. The idea grants you with a federal government earnings tax-credit of thirty five % (35%) for the total annual interest fee you pay out on your own home mortgage loan. Because the MCC will reduce ones u . s . taxes and also raises your net revenue, it is really a fantastic way to assist you in being approved for your first home loan. The benefits don’t end there ! (more…)

    Alabama Mortgage Help using the First Step Program

    The Program IS NOT Readily available AT This Moment
    First Step is actually a property program directed at low to moderate income individuals, that is funded through tax exempt house loan income bonds. The Program offers Thirty year house loans with competitively priced rates and flexible to be eligible benchmarks. Financing difficulties currently have set this offer for the foreseeable future  on hold, but the program is predicted to return online soon, depending on financing by the Alabama and Obama Government.


    Hardest Hit Alabama (HHA) and Alabama Home loan Help

    On Feb Governor Robert Bentley announced the creation of Hardest Hit Alabama , a brand new plan furnishing $162 million for the prevention of home foreclosure in Alabama.
    Nearly $162 million dollars was granted to Alabama Property Finance Authority to supply assistance focused at Alabama’s laid-off homeowners. The United States. Office of Treasury’s “Hardest Hit Fund” is approved within the Emergency Economic Stabilization Act of 2008 which is at your disposal in 18 states (with alabama being one of them). The Appropriate house owners may get help to pay out their present home loan mortgage and all some other mortgage loan connected costs, such as payments on any subordinate liens, whilst laid-off. HHA could offer up to 12 monthly property finance loan with payments not to exceed $15,000, per household. (more…)

    US Dept of Agriculture or RAMP home owner loanprogramsRURAL ALABAMA

    Alabama RAMP PROGRAM

    The Rural Alabama
    Home owner loan Program (RAMP) offers reduced interest house loans and entry cost help to rural house buyers. RAMP is actually a combination of the Alabama Real estate Finance Authority’s low-interest rate funding and down payment assistance and USDA Rural Development’s 5-0-2 Direct Home loan Program.

    You’ll find several segments for a RAMP mortgage:
    AHFA and Rural Development
    may each pay for 50 % of the amount of a all new or current residence, pairing their own resources to offer the smallest rate readily available.


    One of many programs The AHFA provides is called Step Up.

    What is Alabama Step Up?

    AHFA’s program is the first downpayment help program created particularly for Alabama’s medium earningsresidence purchasers. The Alabama Step Up is really a program aimed for , people that may manage to pay for a house loan, but may want assistance with the deposit. Step Up likewise helps individuals whose salary can support a market-rate home loan but whose personal savings are not enough on the amount needed for admittance expenses like a deposit, closing expenditures and pre-paid items. (more…)

    Alabama Mortgage Help

    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



    In Alabama, during financially difficult times , it has come as a help to balance the budget that there has been a national settlement of $25 billion with five big mortgage companies .The settlement may even be instrumental in helping low income families to become home owners.

    $25·3million from the settlement is to go to the office of Alabama Attorney General Luther Strange. This money does not come in a lump sum but is slowly being received in the office and $19·3 million from the total is to be used during the years 2013 through 2015 to fund the attorney general`s office and the district attorneys `offices throughout the state. According to Arthur Orr, R-Decatur (Senate budget committee Chairman) this will mean that money that would have had to be used by these offices from the state General Fund budget can now be released to support other programs. The amount of the settlement when compared with the $1·68 billion of the state`s General Fund budget for the fiscal year starting Oct.1, may seem small he said,” but that helped the overall budget picture”.

    State officials are being approached by two advocacy groups for the poor of Alabama, they are The Arise Citizens` Policy Project and the Low Income Housing Coalition of Alabama, who want the remaining $6 million to be used to give housing to those in need. Jim Cames who is the spokesman for Arise Citizens said that when the Legislature voted last month to set up the Housing Trust Fund it opened up the way to providing affordable housing for low income residents but was unable at that time to put any money into it due to the state`s budget problems. Now that there is mortgage settlement money available it could be that the project can be started off.

    Joy Patterson, the attorney general`s spokeswoman, says that the attorney general would be happy to look into the suggestion although no decision has been made yet as to how the money will be used.

    The $25 billion agreement in February was reached by the federal government along with 49 state attorneys general including Alabama`s attorney general Strange. The five large mortgage companies were accused of improper handling of mortgages including employees signing foreclosure paperwork without reading it. They were Ally (formerly GMAC), Bank of America Corp., Citi, J .P .Morgan Chase & Co., as well as Wells Fargo & Co.

    The total estimated share for Alabama is $106 million and in addition to the amount to be provided to the attorney general`s office Alabama`s borrowers are expected to receive nearly $30 million for loan term changes and other help. Those borrowers who lost their homes due to foreclosures between 2008 and 2011 and who suffered servicing abuse are expecting $20million in payments while those borrowers who`s mortgages are under water are to have refinanced loans said to be worth almost $30 million.

    The amount to be received by the attorney general`s office may be used to help the people who have been hurt most by the nation`s housing crisis.

    alabama flagLooking for Alabama Mortgage Help? If you are finding it hard to pay your mortgage or if you are looking for your first mortgage to buy your new home, you are in the right place. There are a small truckload of programs available to residents in Alabama.The Alabama Housing Finance Authority has helped more than 85,000 families achieve their dream of owning a home. They offer a variety of loan programs that fit the needs of many buyers. AHFA enables low-to-moderate income buyers to purchase a home with low interest rates and down-payment assistance, not to mention the generous sales price and income limits make qualifying easy.

    One of the programs The AHFA offers is called Step Up. Step Up is a program designed for the moderate-income home buyers. That is, people who can afford a mortgage, but may need help with the down payment. AHFA offers down payment assistance with no sales price limits and higher income limits than the First Step program.

    The down payment funds are secured by a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage. Because these loans are serviced by Alabama Housing Finance Authority, all the homeowners have to do is write one check each month. There is a education course with this program that the homeowner must complete inorder to qualify.

    Participants may earn up to $97,300 and remain eligible for the Step Up program, regardless of household size or location. You do not have to be a first time home buyer to use this program. The federal recapture tax does not apply to this program and there are no sales price limits with this program.
    You can find lenders for the Step Up Program here:

    There is another program available to Alabama residents called the The Mortgage Credit Certificate (MCC) program. This program takes the AHFA’s Step Up program and combines it with the Mortgage Credit Certificate’s tax credit. This makes homeownership even more affordable for Alabama home buyers. This program offers reduction in the amount of federal income tax that a qualified homebuyers pays. MCC’s gives potential home buyers available income to qualify for a mortgage loan.

    MCCs provide a direct dollar-for-dollar reduction in federal taxes worth 20 percent of the mortgage interest paid each year. The remaining 80 percent of the interest still can be claimed as a tax deduction. With this program there are income limits.

    These limits (effective on applications taken as of June 1, 2010) are set by the U.S. Department of Housing and Urban Development to be used with the First Step/Mortgage Revenue Bond loans and Mortgage Credit Certificates offered by AHFA. When you find a home you’re interested in buying, simply contact one of your local participating lenders to learn whether the address is located in a “target” or “non-target” area. Once you know that information you can find the income requirement for that area.

    With the MCC there are also sales price limits. These limits (effective as of April 15, 2009) are set by the Internal Revenue Service to be used with the First Step/Mortgage Revenue Bond loans and Mortgage Credit Certificates offered by AHFA. Once again you must find out of the area is a “target” or “non-target” area as the price changes. It is $316,177 for target and $258,691 for a non target. This price is in all areas for new and existing homes. You can find MCC lenders here.
    Habitat for Humanity works closely with the AHFA. The program works like this, the AHFA purchases mortgage loans from Alabama’s Habitat affiliates. This process allows the affiliates to receive the loan amount up front in a lump sum while AHFA receives the monthly payments from the affiliates for the life of the loan. The affiliate then uses the up-front funds to build more housing for low-income families.

    Abiding by AHFA’s enabling legislation, the Habitat affiliate solicits the assistance of a local lender to serve as a conduit for the sale of the loan. The affiliate sells the mortgage to the local bank, which then sells the loan to AHFA. This productive cycle unites the local Habitat affiliates, the lending community and AHFA to give Alabama’s less fortunate families a chance at homeownership. You can find out more information here.

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