The Alabama HFA’s (AHFA) Step Up mortgage program helped the Bailey family—David, Laura, and sons Conner and Matthew—afford to purchase a home of their own in a quiet neighborhood near their sons’ school. The Step Up program is designed specifically for moderate-income homebuyers who can afford a mortgage, but need help with the down payment. This assistance was significant to the Baileys, as their savings fell short of the required down payment.
The Baileys are so glad that David’s mother, a Realtor, knew about the program and recommended it to them.
“We love our new home and the neighborhood. We spent lots of time enjoying our patio and backyard this summer,” said Laura.
Step Up's down payment funds are secured by a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage. Since the loans are serviced by AHFA, homeowners have only one check to write each month. Program participants must complete a homebuyer education course to qualify.
To learn more about Alabama Housing Finance Authority, please visit their website.
For more information on Housing Bonds, see our advocacy page.
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