Alabama Housing Finance Authority
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For over 30 years of providing service and financial assistance to the people of Alabama and has already helped approximately 122,000 families in the process of finding homes they could afford.

Among all the first time homebuyer loan programs and rental programs of the AHFA are the following:

a) First Step Program - This program is the one of the most popular programs of the AHFA as it offers a 30-year, lower-than-market fixed interest rate to first-time and low- to moderate-income home buyers in the state of Alabama. The funds that are provided under this program are taken from the sale of tax-exempt mortgage revenue bonds to investors by AHFA.

b) Step Up Program - This program is a homeownership program that is designed specifically for moderate-income home buyers who can afford a mortgage, but need help covering the down payment and closing costs. This program is very much similar to the First Step Program as it also offers a 30-year, fixed-rate first mortgage.

c) Mortgage Credit Certificate (MCC) Program - This homeownership program can be used in conjunction with the Step Up Program and has the capacity to provide a direct dollar-for-dollar reduction in federal taxes worth 20 percent of the mortgage interest paid by the borrower each year. The remaining 80 percent of the interest will then be claimed as a tax deduction.

Alabama Housing Finance Authority
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Rehabilitation Mortgage Insurance Program
The Rehabilitation Mortgage Insurance Program intends to financially assist families as they repair or improve, purchase and improve, or refinance and improve their current residential properties that have been existent for more than a year.

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Urban Rehabilitation Homeownership Program for Homebuyers in Connecticut
In accordance with this mission, the Connecticut Housing Finance Authority has established the Urban Rehabilitation Homeownership Program wherein it intends to home purchase loans at steady, below-market rates together with home improvement loans with no interest, all in an attempt to support homeownership and investment in selected Connecticut neighborhoods.

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Keystone Home Loan Program For First Time Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency, more commonly referred to as PHFA, is an independent agency that was established in the year 1972 in an effort to contribute to the provision of reasonable and affordable housing opportunities the elderly, persons and families of modest means, and people suffering from disabilities.

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First Time Homebuyer Programs in Virginia
In 1972, the Commonwealth of Virginia has constituted the establishment of the Virginia Housing Development Authority in an effort to respond to the needs of Virginians who seek quality, affordable housing.

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