AHFA Loans
- AHFA Loans:
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AHFA loans are just FHA loans with down payment assistance. Rather than put 3.5% down, the AHFA program has a second mortgage for 3% that amortizes over 10 years. You are then left with just .5% down payment. Alabama Housing Finance Authority services both the first and second mortgage so you’ll only have to write one check each month.
Prior to closing on an AHFA loan, a homebuyer education course must be completed. There is also an income cap of 97,300 regardless of household size or location. The AHFA program is idea for those who have the income to sustain their mortgage, but the savings aren’t quite there.
The benefits of an AHFA mirror those of a FHA:
- Generally easier to qualify for than a Conventional loan
- .5% down payment
To find out more information or to get pre-approved give us a call at 256-760-1591 or 855-4-Gateway.
Other Loan Programs: Conventional, FHA, USDA, VA
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