Am I Eligible?

To Be Eligible For a Step Up Mortgage

You must buy a new or existing home. Refinancing an existing mortgage does not qualify.
You must buy a home in Alabama and occupy it, as your primary residence, within 60 days of closing
Your annual qualifying income cannot exceed $159,200
You must apply for an FHA, VA, USDA, or HFA Advantage conventional product through a participating lender
Your credit score must be 640 or higher
Debt to income ratio must be 45% or lower
You must complete a homeownership education course

In target areas, you can be a first-time homebuyer or repeat homebuyer
In non-target areas, you must not have owned a home in the previous three years
You must apply for an FHA, VA, USDA, or HFA Advantage conventional product through a participating lender
You must live in the property. It cannot be used for business, commercial, or rental purposes.
You must meet federally established sales price and income limits
Your credit score must be 640 or higher
Debt to income ratio must be 45% or lower

You must be a first-time homebuyer (or have not owned a home in the last three years)
- If the home you are purchasing is located in a "target" area, other conditions may apply. Contact your lender for more information.
You must buy a new or existing home. Refinancing an existing mortgage does not qualify.
You must buy a home in Alabama and occupy it, as your primary residence, within 60 days of closing
You must meet federally established income and sales price limits
You must apply for an amortizing loan through a participating lender
Other requirements may apply
AHFA reviews and approves requests for an MCC prior to the closing of the loan