AHFA and Freddie Mac have teamed up to offer the Freddie Mac Home Possible Advantage conventional loan product to borrowers in Alabama.
In addition to the down payment assistance currently offered through Step Up, the Home Possible Advantage product provides eligible borrowers a grant to help with closing costs. Borrowers with qualifying income at or below 50% of the Area Median Income (AMI) limits (as published by Freddie Mac) are eligible for an Affordable Income Subsidy (AIS) grant in the amount of $2,500. Borrowers with qualifying income between 50.01% - 80% of AMI limits are eligible for a grant of $1,500.
Income limits for these grants are determined by the county location of the home: http://www.freddiemac.com/homepossible/eligibility.html.
Additional Information and Qualifications:
As with Step Up, this assistance can also be combined with a Mortgage Credit Certificate to make buying a home even more affordable.