Learn About DPA Programs Available To You
First time home buyers in Alabama have many options available to them for help in purchasing their first residence. If you believe that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. The Alabama Housing Finance Authority (AHFA), offers down payment assistance for Alabama residents in your situation.
Alabama DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the AHFA website:
What is Step Up?
Step Up is a homeownership program designed specifically for low- and moderate-income home buyers who can afford a mortgage, but need help with the down payment.
The down payment funds are secured by a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage. Since the loans are serviced by ServiSolutions, a department of AHFA, homeowners have only one check to write each month. Program participants must complete a homebuyer education course to qualify.
Participants who earn less than $97,300 are eligible for the Step Up program, regardless of household size or location.
To get complete program details, including income limits as well as how to get the application process started, please visit AHFA DPA program.
More Down Payment Assistance
In addition to the above DPA program offered by AHFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about more down payment assistance available near you, please visit local first time home buyer programs in Alabama.