September 08, 2015
alabama hfa.JPG
http://www.ahfa.com

The Alabama Housing Finance Authority is celebrating 15 years of its Step Up program, AHFA’s flagship homeownership program. Step Up began on September 8, 2000, and made Alabama the first state to provide this type of innovative financing and down payment assistance for moderate-income homebuyers.

Since then, Step Up has helped more than 13,000 families across the state. AHFA Executive Director Robert Strickland said, “Step Up has made the dream of homeownership a reality for thousands of Alabamians, and we look forward to continuing to help Alabamians realize that dream.”

The Step Up program was designed specifically for moderate-income homebuyers who can afford a mortgage, but need help with the down payment. It is available to homebuyers who earn less than $97,300 and meet standards for creditworthiness. The program offers a competitive 30-year fixed interest rate, with down payment funds secured by a 10-year second mortgage. Homebuyers must apply for Step Up through a participating lender and complete a homebuyer education course to qualify.

Strickland said, “We want to thank our many participating lenders offering Step Up to their customers, as well as the Mortgage Bankers Association of Alabama, Home Builders Association of Alabama, Alabama Association of Realtors and Alabama Bankers Association for helping us spread the word about Step Up to their members.”

Click here for more information about Step Up.

AHFA, established in 1980 by an act of the Alabama Legislature, is a self-supporting public corporation dedicated to meeting the needs of the state’s low- to moderate-income citizens. It has helped more than 105,000 households—serving as Alabama’s affordable housing resource.