Mary Harmon Young
Mary Harmon Young
205-683-2751205-683-2751

New 100% Financing Initiative to Cover PMI for Homebuyers

MONTGOMERY—For a limited time, homebuyers can benefit from a new mortgage enhancement—the Alabama Home Buyer Initiative—that will provide private mortgage insurance (PMI) at no cost to the borrower. This special offering is available through the Alabama Housing Finance Authority.

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ALABAMA HOME BUYER INITIATIVE Available through the Alabama Housing Finance Authority 

For a limited time, homebuyers can benefit from a new mortgage option—the Alabama Home Buyer Initiative— that will provide private mortgage insurance (PMI) at no cost to the borrower.
The initiative will pay the up-front single PMI premium—saving the average homebuyer approximately $100 each month. Funds are offered on a first-come, first-served basis, until the fund is exhausted.

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Mortgage Enhancement, Affordable Rates & Down Payment Assistance 

• Private mortgage insurance (PMI), underwritten by Genworth Mortgage Insurance and provided at the expense of the initiative, will insure the first mortgage.

• The Alabama Home Buyer Initiative enhancement is designed to complement AHFA’s Step Up financing product. • Step Up provides 30-year, fixed-rate financing and down payment assistance for borrowers earning less than $97,300.

• Step Up is able to offer 97% LTV financing through Fannie Mae’s HFA Preferred product for conventional loans.

• AHFA provides down payment assistance up to 3%. The assistance will be a second mortgage amortizing over a 10-year period at the same interest rate as the first mortgage.

• Homebuyers must complete a homeownership education course to qualify.

• Proposed construction, new and existing homes will be eligible to participate.

• For proposed construction cases, $100 million has been reserved for the first six-month period of the initiative. Each loan will receive a four-month commitment of funds during the home’s construction period.

How to Apply

• The Alabama Home Buyer Initiative enhancement and AHFA’s Step Up product are available through a statewide network of participating lenders.

• Visit AHFA.com for a list of participating lenders in your area.

• Initiative funds will only be offered for a limited time, so act quickly to begin the mortgage process with your lender.
For More Information

• Visit AHFA.com or call 800.325.2432.

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