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Find similar grantsFirst Step Mortgage Revenue Bonds is sponsored by Alabama Housing Finance Authority (AHFA). This program offers below-market, 30-year fixed mortgage interest rates to first-time or repeat homebuyers in Alabama.
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First Step Mortgage Revenue Bonds | AHFA First Step Mortgage Revenue Bonds Nearly 50,000 Alabama households have benefitted from AHFA’s First Step program, which offers below-market, 30-year fixed mortgage interest rates to first-time or repeat homebuyers.
First Step Mortgage Revenue Bonds All participating borrowers will benefit from special low mortgage interest rates offered through First Step on FHA, VA, USDA, and Freddie Mac’s HFA Advantage conventional loans. All borrowers are eligible for down payment assistance up to $10,000 or 4% of the sales price, whichever is lower.
The down payment funds are secured by a 10-year second mortgage combined with the borrower’s 30-year, fixed-rate First Step mortgage. Since the loans are serviced by ServiSolutions, a division of AHFA, homeowners have only one check to write each month. Borrowers must meet federally established sales price and income limits based on their area’s median income.
To determine if a property is located in a target or non-target area, search the property address using our Target Area Status Map. Additional Borrower Qualifications Meet standards for creditworthiness. Live in the property.
It cannot be used for business, commercial, or rental purposes. Frequently Asked Questions See the program FAQ’s below. AHFA’s First Step loans are available with FHA, VA, USDA, and Freddie Mac HFA Advantage conventional loans.
Borrowers who use Freddie Mac’s HFA Advantage product may be eligible for an additional grant to help with closing costs - the Affordable Income Subsidy Grant. Both of these offers can be used on the purchase of new or existing homes to multiply the savings opportunities.
According to the current listing, eligibility includes: First-time or repeat homebuyers in Alabama. Confirm the full requirements in the official notice before applying.
First Step Mortgage Revenue Bonds is funded by Alabama Housing Finance Authority (AHFA). Verify program details on the funder's official page before applying.
This opportunity targets applicants in Alabama. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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