Alabama Housing Finance Authority

AHBI snapshot

What's New

2014 public hearing

2014 HOME/HC Public Hearing Held

AHFA hosted a public hearing October 3 in Montgomery to hear comments regarding the 2014 HOME/Housing Credit allocation plans. Staff will accept written comments through November 4.

HFH 500th loan purchase

Prattville Family Receives 500th Habitat Loan Through AHFA

A mortgage loan for the Nixon family of Prattville is the 500th loan AHFA has purchased with the $23 million it committed to the Habitat for Humanity Loan Purchase Program, which helps affiliates in their mission to provide no-interest, no-down-payment loans to the state’s lower-income citizens. 

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New Mortgage Initiative to Cover PMI for Homebuyers

For a limited time, homebuyers can benefit from a new mortgage enhancement--the Alabama Home Buyer Initiative--that will provide private mortgage insurance (PMI) at no cost to the borrower.

The initiative will pay the up-front single PMI premium--saving the average homebuyer approximately $100 each month.

This unique option is designed to complement AHFA's Step Up mortgage program by providing 30-year, fixed-rate financing and down payment assistance with no PMI costs for the homebuyer.  Eligible borrowers may earn up to $97,300 in total household income and must also complete a homeownership education course to qualify.

For proposed construction cases, $100 million has been reserved for the first six-month period of the initiative. Each loan will receive a four-month commitment of funds during the home's construction period.

The Alabama Home Buyer Initiative could help approximately 2,000 Alabama families and generate $275 million in home sales.

Contact your local lender to apply.

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Today's Rates

First Step

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Step Up

4.25% (FHA)
4.75% (Conv)

 

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