Hardest Hit Alabama (HHA), a foreclosure prevention program, is available for homeowners struggling to pay their mortgage payments.
The State of Alabama was allocated approximately $162 million to provide assistance for financially distressed homeowners. The U.S. Department of Treasury's "Hardest Hit Fund" is authorized under the Emergency Economic Stabilization Act of 2008 and is available in 18 states and the District of Columbia.
HHA offers programs including mortgage payment assistance for unemployed homeowners, as well as loan modification and short sale options for borrowers facing financial hardships.
HHA assistance is available statewide to qualified homeowners on a first-come, first-served basis.
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.
How much can you save on your mortgage with a Mortgage Credit Certificate?
AHFA purchased its 500th loan 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, for the Nixon family in Prattville.