The First Step program offers 30-year, lower-than-market interest rates to first-time and low- to moderate-income home buyers.
The First Step Mortgage Revenue Bond (First Step) program is funded by the sale of tax-exempt mortgage revenue bonds to investors by AHFA. The revenue is then used to purchase mortgages from AHFA’s participating lenders, providing them with the funds to loan home buyers.
AHFA provides entry cost assistance in conjunction with the First Step program since down payments are typically the greatest barrier to homeownership. AHFA combines low-interest loan funds with 30-year, FHA, VA, Rural Development or conventional mortgages. Program participants must complete a homebuyer education course to qualify.
First Step funds are not available at this time.