December 2022
AHFA Board of Directors to Hold December Meeting
The AHFA Board of Directors will meet in public session in the AHFA offices on Thursday, December 8 at 11 a.m.
Freddie Mac HFA Advantage Program Updates Announced
Effective on reservations accepted on or after November 4, AHFA made the following changes to its Step Up Conventional Program (Freddie Mac HFA Advantage):
 
  • Minimum FICO of 640 for the 80% or below AMI Program and the >80% AMI Program 
  • Borrowers regardless of income AMI bracket will be offered the same rate for the Step Up Conventional program 
 
The mortgage insurance requirements for the Step Up Freddie Mac HFA Advantage program remain in place:
"This is good news for our lenders and realtors," said AHFA Single-Family Administrator Carrie Hamaker. "These program changes will eliminate upfront fees and allow more people to qualify and reach their homeownership goals."
 
To build an even better loan package this holiday season, the Step Up Freddie Mac HFA Advantage program can be combined with up to 1 percent of closing costs through an Affordable Income Subsidy Grant and dollar-for-dollar tax credits with a Mortgage Credit Certificate (MCC).
Award-Winning Lenders See HFA Advantage Benefits
Four of AHFA's participating lenders were recently recognized by Freddie Mac as top producers of HFA Advantage loans for the Eastern region of the United States:
 
 
We asked these top producers how they know which homebuyers are a good fit for the Freddie Mac HFA Advantage loan program.
"I work with a lot of first-time homebuyers, and I try to use the HomePossible and the HFA Advantage program any chance I get. Lower down payment and lower PMI combined with new higher AMI makes a perfect product for most of my buyers. The first-time homebuyer online education is pretty helpful and quick to complete also."
"The Freddie Mac HFA Advantage program is a great fit for a variety of buyers and situations. Even a buyer who has already saved a down payment could potentially benefit from this program if the circumstances are just right. With the cost of goods and services on the rise, many people will find that keeping extra money in their pocket when purchasing a home will provide them with an extra sense of security. I specifically find the Freddie Mac Advantage program advantageous for a borrower with a stronger credit score and borrowers under a certain percentage of the Area Median Income limit. These two factors, while not dependent on each other, help to yield lower mortgage insurance premiums and additional grants that can be used toward closing costs and/or prepaids and help tip the loan to be more advantageous over the FHA version for many buyers."
"As a mortgage loan professional, I listen to my client’s needs and wants. Many times, their need is having little to no money in their pockets. This is due to people not having the ability to save. In a few cases they have a little saved, but they want to hold onto their savings in case of an emergency. This is where the Freddie Mac HFA program comes in. With the first and second the buyer does not need a down payment and the seller can pay most and sometimes all of the closing cost. This allows the buyer to get into the home with little to no money out of their pockets. The buyers also have the option to pay the second mortgage off whenever they have a little extra money. Paying off the second mortgage lowers the payment, making the mortgage even more affordable."
"I find that this product is a perfect fit for a buyer who has prepared in most areas to buy a home and all they need is a little help with down payment and/or closing cost assistance. The product offers down payment assistance and is easy to work through for buyers. I love this option and my borrowers have been very pleased with this product as well."
Spotlighting Manager & MOTY Nominee Gracie Patrick
"She's always professional and has all of our best interests at heart.”
Gracie Patrick has been manager of Windover and Pathway Apartments in Tuskegee since 2007. 

Patrick was nominated for AHFA's 2022 Manager of the Year award by SEASHA, Inc. Asset Manager Kimyatta Banks. In Patrick's nomination package, Banks writes, "Mrs. Patrick makes her prospective residents feel welcome by greeting them with a smile on her face and offering them the information they need to become a current resident. She treats the property as if it is her own. Her priority is the safety of her residents, and she shows this by addressing them very quickly."

The residents she serves sense Patrick's care and concern. "She comes to work every day with a pleasant attitude and a sense of peace about herself," Windover resident LeeAnn Larkin said. "She's always professional and has all of our best interests at heart. She does everything she can to keep us safe as residents in Windover. When you see her, she always smiles and waves as you pass the office."

In her spare time, Patrick is actively involved with a number of church and civic organizations. She and her husband Edward make their home in Tuskegee.
Windover Apartments (pictured left) is a 40-unit complex for families in Macon County. The development was financed in part by $944,500 in HOME Investment Partnerships Program funds and $189,866 in Low-Income Housing Tax Credits, administered in Alabama by AHFA.
Picture This: Outreach & Education in November
November 1: AHFA's Alana Beaugez (R) meets with Tracy Causey of AmeriFirst Financial and Blair Plunket and Todd Conn of Parkway Realty
November 15: Mortgage Bankers Association of Alabama's "Helping People Become Homeowners" Roundtable
Let's Connect: Lenders, we want to hear from you!
New Participating Lenders Join Step Up Program
 
AHFA is pleased to welcome Homestar Financial Corporation and SecurityNational Mortgage Company as participating lenders in the Step Up program.
AHFA Offices to Close for December/January Holidays

AHFA and ServiSolutions will be closed Friday, December 23 and Monday, December 26 in observance of the Christmas holiday. We will also be closed Monday, January 2 in observance of the New Year's holiday.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website
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