A lot of you may not know but the State of Alabama has a great down payment assistance program called "Step Up Program" that is offered through the Alabama Housing Finance Authority. I know your thinking what's the catch? But it really is a great program available for those that need it. Yes, there are some things you have to qualify for but the restrictions aren't bad and a lot of people actually do qualify.
Here are some of the qualifications.
You can't earn more than $97, 500
You have to take a homebuyers education course and there are only certain amount of fund available. So it is a first come first service basis. You also have to find a lender that participates in the program but you'll find that a lot of lenders participate in the program which makes for great lender options.
Some of the amazing things about the program is that there is no limit to the price of home you buy and its a fixed mortgage that is about the same as the current market interest rate and you make one payment since its combined with your primary mortgage. Some other things that are great about the program is that it doesn\'t matter where the home is! The house qualifies! And you don't have to a first time home buyer!
If your interested in getting more information on the program visit the website.
You can also call the following number to find a participating lender in your area.
1.800.325.2432 or visit www.AHFA.com.
Here are some of the qualifications.
You can't earn more than $97, 500
You have to take a homebuyers education course and there are only certain amount of fund available. So it is a first come first service basis. You also have to find a lender that participates in the program but you'll find that a lot of lenders participate in the program which makes for great lender options.
Some of the amazing things about the program is that there is no limit to the price of home you buy and its a fixed mortgage that is about the same as the current market interest rate and you make one payment since its combined with your primary mortgage. Some other things that are great about the program is that it doesn\'t matter where the home is! The house qualifies! And you don't have to a first time home buyer!
If your interested in getting more information on the program visit the website.
You can also call the following number to find a participating lender in your area.
1.800.325.2432 or visit www.AHFA.com.
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