Introducing Alabama Housing Finance Authority’s
Step Up Mortgage Program
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.
How it Works
Participants may earn up to $97,300 and remain eligible for the Step Up 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, AHFA offers a 30-year, fixed-rate mortgage with an interest rate just slightly higher than the current market rate. 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.
How to Apply
CALL 1-888-715-2400
The program is available statewide and year-round on a first-come, first-served basis.
FAQ’s
Are there any home sales price limits? No.
Do target areas apply? No.
Does the federal recapture tax apply to this program? No.
Do I have to be a first-time home Buyer to participate in the Step-Up program? No.
Local Lender
In House Underwriting
FAST CLOSINGS
CONVENTIONAL-NOTHING DOWN
100% FINANCING
1/2% REGISTRATION FEE
FHA—1/2% DOWN PAYMENT
99.5% FINANCING
1/2% REGISTRATION FEE
