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Affordable Income Subsidy Grant

First Time Homebuyers Down Payment Assistance (DPA) Closing Costs

Type Of Program

Down Payment & Closing Costs

Program distribution

Grant

Program Originator

Alabama Housing Finance Authority

Program URL

https://www.ahfa.com/homebuyers/programs-available/affordable-income-subsidy-grant

Amount

$1.00

Contact

AHFA

Location

Nationwide

Description

The Affordable Income Subsidy Grant is a grant offered in addition to the "Step Up" program. Eligible borrowers can receive a grant to help with closing costs.

Borrowers at or below 50% of the AMI limits as published by Freddie Mac are eligible for a grant of 1% of the loan amount.
Borrowers at or below 80% of the AMI limits as published by Freddie Mac are eligible for a grant of one-half percent of the loan amount.

Income limits for these grants are determined by the county location of the home, as determined by Freddie Mac.

AMI Limit

Yes

AMI

$50,536

Eligibility Limitations

- HFA Advantage conventional loans only - New or existing homes in Alabama - Annual Household Income cannot exceed 80% of the AMI - Credit Score of 640+ - Debt to Income Ratio must be 45% or lower

Must be Primary Residence

Yes

Program Provider's Contact Name

Alabama Housing Finance Authority

Program Provider's Address

7460 Halcyon Pointe Drive, Suite 200 Montgomery, AL 36117

Program Provider's Phone

8003252432

Program Provider's Email

N/A

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