New Year – New Changes to Step Up Program! | Alabama Housing Finance Authority
January 11, 2022
We’ve heard from many lenders over the past few months who have shared the hardships low-to moderate-income homebuyers are encountering in the current market: lack of sellers paying closing costs, increasing sales prices, low inventory, etc.
With that insight in mind, we are excited to announce two new changes to the Step Up program. These changes are effective Wednesday, January 12.
Increased Assistance Amounts
Now homebuyers can receive even more down payment assistance with AHFA’s Step Up program. Effective January 12, the maximum down payment assistance will increase from $7,500 or 3% of the sales price (whichever is less) to $10,000 or up to 4% of the sales price (whichever is less), allowing a portion to pay homebuyer closing costs!
VA First Mortgage Program
Now offering a first mortgage option for veterans that can be combined with down payment/closing cost assistance of up to $10,000 or 4% of sale price (whichever is less.
