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: up to 4% of the price, at most $10,000, as a repayable loan.
- Amount
- Up to 4% of the price, at most $10,000
- Kind of help
- Repayable loan
- First-time buyers only
- Yes, but repeat buyers qualify in targeted areas
How is Alabama First Step Mortgage Revenue Bonds (down payment assistance) paid back?
Repayable loan: 10-year second mortgage, paid each month along with your main home loan.
A repayable loan is a small second mortgage you pay off each month, usually in the same payment as your main home loan.
Who qualifies for Alabama First Step Mortgage Revenue Bonds (down payment assistance)?
- Varies by county and household size, up to $161,140.
- First-time buyers only: yes, but repeat buyers qualify in targeted areas.
- It comes with an AHFA First Step 30-year fixed-rate FHA, VA, USDA or Freddie Mac HFA Advantage conventional loan.
The exact income limit for your county and household size is on the agency's income chart. Our HUD income limits lookup shows your area's median income.
How to apply for Alabama First Step Mortgage Revenue Bonds (down payment assistance)
- Alabama Housing Finance Authority pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on Alabama Housing Finance Authority's page for First Step Mortgage Revenue Bonds (down payment assistance), or pick a lender from the agency's list of participating lenders.
Ask a lender about Alabama First Step Mortgage Revenue Bonds (down payment assistance)
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.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in Alabama
- Alabama Step Up: up to 4% of the price, at most $10,000, repayable loan.
- Alabama Affordable Income Subsidy Grant: up to $2,500, grant.
All Alabama first-time home buyer programs · Down payment assistance in every state