Alabama Housing Finance Authority
Page 2

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
  Back to Page 1

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

Connecticut Housing Finance Agency Mortgage Programs for Military, Police and Teachers
The Connecticut Housing Finance Agency has established the Mortgage Programs for Military, Police and Teachers so as to provide reasonable housing opportunities to veterans and active duty service members of the United States Military, the National Guard, along with teachers and police officers who are assigned in under-served areas.

---

Rehabilitation Mortgage Insurance Program
The Department of Housing and Urban Development, otherwise known as HUD, is a Cabinet department in the executive branch of the United States federal government.

---

How to Get a Government Home Loan with Low or Moderate Income
The government provides loans to those individuals who have low to moderate income for permanent residence in rural areas. To qualify for these government loans is not that hard and the restrictions ...

---

State of New York Mortgage Agency
The State of New York Mortgage Agency, otherwise referred to as SONYMA, is an agency established in the year 1970 in an attempt to address the shortages of funds within private banking systems that are specifically intended for residential mortgages within the State of New York.

---