AHFA’S Step Up program is the first down payment assistance program designed specifically for Alabama’s moderate-income home buyers. Step Up helps those whose incomes can sustain a market-rate mortgage but whose savings fall short of the amount needed for entry costs like a down payment, closing costs and prepaid items.
Participants may earn up to $97,300 and remain eligible for the Step Up mortgage program, regardless of household size or location. Also, AHFA provides a portion of the down payment and entry costs to buyers.
In Conjunction with the down payment funds that are secured by a 10-year second mortgage, AHFA offers a 30-year, fixed-rate mortgage. The down payment funds are blended into the home mortgage, so there’s only one check to write. Program participants also must complete an online home buyer education course to qualify for this type of mortgage.
Are there any home sales price limits? No.
Do target areas apply? No.
Does the federal recapture tax apply to this mortgage program? No.
Do I have to be a first-time home buyer to participate in the Step Up mortgage program? No.
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