Gulf Shores Real Estate
AHFA “First Step” Bond Money Program
Baldwin County Alabama
AHFA “First Step” Bond Money Program - A Piece of Cake
By: Rob Smith
Alabama Housing Finance Authority has brought back the Mortgage Revenue Bond Loan, and it’s a Piece of Cake! The First Step program is designed for low to moderate income applicants. It is a 30 year fixed rate mortgage loan with a below market interest rate and up to 100% financing for down payment and closing cost assistance.
Interest Rate: 5.875% (current issue) 30yr fixed rate loan
Programs: FHA, VA, Rural Development, and My Community Mortgage Conventional Loans. There is also newly enhanced down payment assistance available with First Step loans.
Income: Total household income and sales price of the home cannot exceed federally established income and sales price limits. These limits vary, based on the designated targeted and non-targeted areas of the state.
Sales price limits: $289,705 in target areas.
Maximum Household income limits for Baldwin County with a household of 3+ persons is $76,860for target areas and household income limit of two persons is $69,720 for target areas.
Home ownership: First time homebuyer. Properties must be owner occupied with no rental or business use permitted. Three years of tax returns are required showing no home based business, mortgage interest deduction or home office deduction. A first time home buyer is anyone who has not owned a home, or had financial interest in a primary residence, in the past three years. If one has owned a home in the last three years, and qualifies for the Bond loan, then you must buy in a target area designated by AHFA. You will need to contact a mortgage professional for assistance in determining target or non-target area.
All loans originated with the First Step must meet lender, FHA, VA, RD, and Fannie Mae standards for credit worthiness.
Commitment Fee: Locks are reserved with AHFA on a first come, first serve basis, a .75% of the loan amount is required for a 30 day lock, or a 1% of the loan amount for a 90 day lock period this fee is non-fundable.
This bond money is available for only a short time and is on a first come first serve basis. For immediate assistance or questions call me direct (251)422-5710.
Provided by
Rob Smith
Alabama Mortgage Consultant
Alabama Mortgage Lender
Homes Loans | Condo Loans | Conventional Loans | Jumbo Loans
Fairhope | Daphne | Point Clear | Spanish Fort
Gulf Shores | Orange Beach | Fort Morgan
(251)422-5710 cell
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Date: Wednesday, August, 27th 2008 @ 01:17:44 PMViews: 128
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