May 2020
AHFA Board of Directors to Meet in June

The AHFA Board of Directors will meet Thursday, June 25 at 11 a.m. in the AHFA offices.
Realtor Spotlight: Diane Martino and Jenny Carr, EXIT Realty Lyon, Fairhope
Diane Martino and Jenny Carr met in Realtor school and after graduating, went on to work for two different companies. They knew they could cover more ground and serve clients better if they teamed up. Jenny moved over to EXIT Realty Lyon three years ago and they became the #dianeandjennysells Team at EXIT Realty Lyon. In 2018 and 2019, they were the company's #1 sales team and have maintained that ranking for the first quarter of 2020. They were featured in Mobile Bay Magazine as “Notable Women for 2019.” In addition, they hold the Realtor seat in The Eastern Shore Partners Business Networking group and serve on the Baldwin County Realtors Association MLS Committee and Forms Committee.

Q: How did you hear about AHFA programs?
A: After working with Bree Shores from First Bank Mortgage to help one of our first-time homebuyers. She introduced us to the programs, and we attended a Lunch & Learn Training conducted by AHFA staff at First Bank’s office.

Q: What do you think is the biggest benefit of the Step Up program for homebuyers?
A: Many homebuyers just need that “big break” in order to successfully achieve the homeownership dream. The Step Up loan and down payment assistance, even with a lower credit score, is a huge benefit. We had one particular customer who had gone through an exhaustive process and waited a lot longer than they probably needed to, trying to save up the money for a down payment. Once we referred them to a partner lender, they were able to work with her and take advantage of the Step Up program and the down payment assistance.

Q: Have you recommended or promoted the Mortgage Credit Certificate program to homebuyers?
A: Yes, we have had several clients benefit. We recently helped a young male, first-time homebuyer, just out of school, with his first full-time, adult job. He pre-qualified with one lender, but after we recommended him to a partner lender, he learned about the MCC program and was able to increase his budget by $10,000. In our market, that makes a huge difference!

Q: What do you enjoy most about your jobs?
A: We feel blessed to be able to offer clients an opportunity to purchase a home utilizing the AHFA programs. They change lives! The awards and recognitions are lovely, but it is our clients and the relationships we forge that really drive us. We strive to understand their unique needs and wants to facilitate finding them the most suitable property. Our clients become friends and our friends become family!
2020 Multifamily Competitive Cycle On Track for June Funding Round
By early May, AHFA staff completed all site visits necessary for the 2020 application cycle and continues final reviews of the submitted applications. Recommendations for 2020 funding awards are expected to be presented to the AHFA Board of Directors at its June meeting.

On February 12, AHFA accepted 37 applications for 2020 Housing Credits and HOME Investment Partnerships Program funds.
Hardest Hit Alabama Reopens to Help Families Affected by COVID-19
AHFA has taken action to help Alabama families affected by the COVID-19 pandemic by reopening Hardest Hit Alabama (HHA). HHA provides short-term mortgage payment assistance to those who have lost employment or income due to COVID-19. 

Eligibility Requirements:
  • Maximum assistance: Up to $30,000
  • Total Household income: $91,420 (includes income of all occupants 18+ years)
  • Maximum Unpaid Principal: $300,000 (must include balance of all outstanding liens)
  • Homeowners who are receiving or who have received mortgage payment assistance from HHA in the past are NOT eligible for additional assistance

HHA is a foreclosure prevention program that helps eligible homeowners facing temporary financial hardships keep their home. It is funded by the U.S. Department of Treasury's "Hardest Hit Fund" that was authorized under the Emergency Economic Stabilization Act of 2008. Since its inception in 2010, HHA has provided more than $82 million to  nearly 7,800 Alabama families to help them avoid foreclosure. 

Anticipating a high demand for this program, HHA will accept applications in cycles of 200 submissions each. Upon receipt of 200 applications, we will temporarily close the application portal to evaluate them. During this time, applicants may check their application status online to confirm they have submitted all required documents. 

Homeowners may get more information about HHA and submit an application by visiting  www.hardesthitalabama.com
Step Up Financing Product Posts Lower Rates in June
AHFA lowered the interest rates available for Step Up loans on June 1. The rate for FHA loans was reduced to 3.00% from 3.50%. The rate for conventional loans decreased to 3.25% from 3.75%.

The Step Up program is available to homebuyers who earn less than $97,300 and meet standards for creditworthiness. The program offers a competitive 30-year fixed interest rate and a down payment assistance option.

For more information, visit http://ow.ly/FhQl50y5T6V .
AHFA Offices to Close for July Holiday
The AHFA, ServiSolutions, and Hardest Hit Alabama offices will be closed Friday, July 3 in observance of the Independence Day holiday. We will reopen at 8 a.m. on Monday, July 6.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website