Create a MyMortgage account to get started
Southern charm meets modern amenities in Alabama. Enjoy a beautiful coastline, rolling hills, and friendly communities. Alabama boasts a strong job market and affordable living. Let us help you put down roots in Alabama with a fantastic mortgage rate.
The Alabama Housing Finance Authority (A.H.F.A.) offers a beautiful opportunity to first-time home buyers in Alabama to achieve their dream home. Key characteristics of the program are:
The program offers down payment assistance in Alabama. Key features of the program are:
A subsidy grant is offered based on the income of the homebuyer. The grant varies between 0.5% and 1% of the mortgage amount. This grant is offered to only those using HFA Advantage conventional loans. While the conditions for the grant are similar to those of the Alabama Step Up Program, the income limits differ based on the place where you are buying your home.
Other than down payment assistance and affordable mortgage rates in Alabama, the MCC is another assistance for homebuyers in the state. What is MCC? It is a tax credit, and in the state, it is up to 50% of the mortgage interest. The credit can be up to $2,000 annually. If the loan is over $150,001, you can get a tax credit of up to 20% of the mortgage interest.
This assistance can be combined with the Step Up Program of AHFA or another 30-year fixed-rate mortgage from another lender. Qualifications include:
For people keen to buy a house in the City of Huntsville, this down payment assistance in Alabama can be a big help. If it's a new construction, you can receive compensation of up to $10,000; for an existing home, the grant is up to $7,500. To qualified homebuyers, the money is offered as a 0% interest second mortgage and is forgiven once the homeowner has lived in the house for five consecutive years. Qualifications include:
The municipality of Decatur offers this financial help in Alabama to low-income families. Assistance includes closing costs and paying 50% of the minimum down payment. Contact a Preferred Decatur HOME realtor to apply for this assistance. The homebuyer cannot own a home in the last three years. It is also mandatory that the buyer has not participated in this program earlier. The buyer must meet the required income conditions and have attended a housing counseling course.
This down payment assistance in Alabama, Mobile, Ala. assists up to $10,000 as down payment and closing assistance. For a 'blighted' property, you can receive assistance up to $15,000 within the city limits. To apply, the buyer has to be either a green card resident or a U.S. citizen. They also need to meet the income requirements. This property should be the homebuyer's primary residence, where you need to stay for at least five years to avoid paying back the assistance.
This is a good scheme for people with low credit scores, as low as 580. The down payment is 3.5% of the purchase price.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
Check out our other locations
Alabama , Arizona , Arkansas , California , Colorado , Connecticut , Delaware , District of Columbia , Florida , Georgia , Illinois , Indiana , Iowa , Kansas , Kentucky , Louisiana , Maine , Montana , Nebraska , Nevada , New Hampshire , New Jersey , New Mexico , New York , North Carolina , North Dakota , Ohio , Oklahoma , Oregon , Maryland , Massachusetts , Michigan , Minnesota , Mississippi , Pennsylvania , Rhode Island , South Carolina , South Dakota , Tennessee , Texas , Vermont , Virginia , Washington , West Virginia , Wisconsin , Wyoming , Guam
