Alabama First Step Mortgage Revenue Bonds (down payment assistance)
Alabama Housing Finance Authority offers First Step Mortgage Revenue Bonds (down payment assistance) to first-time buyers in Alabama: as much as 4% of the price, with a top limit of $10,000, as a repayable loan.
- Amount
- As much as 4% of the price, with a top limit of $10,000
- Type of help
- A loan you repay
- Only for first-time buyers
- Repeat buyers qualify in targeted areas, but otherwise yes
In what way is down payment assistance through Alabama First Step Mortgage Revenue Bonds repaid?
This help is a repayable loan: a 10-year second mortgage you pay back each month together with your main home loan payment.
A repayable loan means a small second mortgage with monthly payments. You'll usually pay it together with your main home loan, as one payment.
Which buyers can get down payment assistance through Alabama First Step Mortgage Revenue Bonds?
- It depends on your county and household size, with a maximum of $161,140.
- Yes, it's limited to first-time buyers, though repeat buyers still qualify in targeted locations.
- You get it alongside an AHFA First Step 30-year loan with a fixed rate. Choices are FHA, VA, USDA or Freddie Mac HFA Advantage conventional financing.
Your exact income limit, based on county and household size, appears on the agency income chart. To see your area's median income, use our HUD income limits tool.
Applying for down payment assistance through Alabama First Step Mortgage Revenue Bonds
- The Alabama Housing Finance Authority sends this help through approved lenders, so apply with one as you get your home loan.
- The lender compares your income and credit, plus the home, with the program's rules, then reserves your funds.
- When you close, the help is paid and goes toward your down payment and the costs of closing.
Alabama Housing Finance Authority's page for First Step Mortgage Revenue Bonds (down payment assistance) lists the complete rules and says if applications are open. You can also choose from the agency's participating lenders.
Talk with a lender about down payment assistance under Alabama First Step Mortgage Revenue Bonds
Tell us where you're buying and a lender that works with Alabama's programs can tell you whether Alabama First Step Mortgage Revenue Bonds (down payment assistance) fits you, and what you could combine with it.
Prefer not to call? You can send your details and the lender will get in touch.
More first-time buyer programs in Alabama
- Alabama Step Up:
As much as 4% of the price, capped at $10,000, as a loan you repay.
- Alabama Affordable Income Subsidy Grant:
Grant of up to $2,500.
Every Alabama first-time home buyer program · Down payment help in every state