What is the HFA Preferred Rural Homebuyer Program?
To help potential homebuyers in rural areas, AHFA has teamed up with Fannie Mae to offer the HFA Preferred Rural Homebuyer Program.
This program will be used in conjunction with the Step Up down payment assistance program and will provide a subsidy to help lower a homebuyer’s monthly mortgage payment and decrease upfront costs.
- For new or existing homes
- Per FHFA’s 2018-2020 Duty to Serve High-Needs Counties regulation, property must be located in one of the following counties:
- Barbour, Bullock, Butler, Choctaw, Clarke, Conecuh, Dallas, Escambia, Greene, Hale, Lowndes, Macon, Marengo, Monroe, Perry, Pickens, Pike, Russell, Sumter, Washington, Wilcox
- No sales price maximum
- Borrower(s) qualifying income converted to an annual basis cannot exceed 80% of the Area Median Income (AMI) for property’s location or, $97,300 annual income (whichever is less)
- Minimum credit score of 640 is required
- Must apply for loan through a participating lender
The program will be available July 13,2020, through October 2, 2020.
This assistance can be combined with a Mortgage Credit Certificate to make buying a home even more affordable.