Lender Training in March for
HFA Advantage Product
As you know, AHFA and Freddie Mac have teamed up to offer the Freddie Mac HFA Advantage conventional loan product to borrowers in Alabama.

One of the benefits to the HFA Advantage product is that borrowers may be eligible for a grant to help with closing costs, in addition to the down payment assistance mortgage currently offered through Step Up.

Freddie Mac is hosting a training webinar for all lenders participating in the Step Up program Tuesday, March 10. Click here for details and to register.
Borrower(s) qualifying income converted to an annual basis cannot exceed 80% of the Area Median Income (AMI) for property’s location or, $97,300 annual income (whichever is less).

  • Borrowers at or below 50% of the AMI limits as published by Freddie Mac are eligible for a grant of one percent 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:  http://www.freddiemac.com/homepossible/eligibility.html .

Additional Information and Qualifications:

  • HFA Advantage conventional loans only
  • For new or existing homes in Alabama
  • Homebuyers must have a credit score of 620 or higher
  • Debt to income ratio must be 45% or lower
  • Homebuyers must complete a homeownership education course
  • Must apply for loan through an AHFA participating lender

As with Step Up, this assistance can also be combined with a Mortgage Credit Certificate to make buying a home even more affordable.
If you have any questions, please contact Cathy James at cjames@ahfa.com .