November 2019
FY19 Leading Lender & Processor of the Year
AHFA staff recently handed out two big awards - our FY19 Leading Lender and Processor of the Year!

Leading Lender

Each quarter, we’ve been recognizing the top loan officers who are closing the most deals using AHFA homeownership programs: Step Up, Affordable Income Subsidy Grant, and Mortgage Credit Certificates.
 
We are pleased to announce the FY19 Leading Lender is… Denise Weaver with DHI Mortgage ! Congratulations, Denise! Thank you for promoting our programs and using them to make buying a home more affordable for your customers.
 
Denise will be featured in an upcoming Lender Spotlight, as well as video highlighting lenders and Realtors who consistently use our programs. Look for more on Denise soon! 

Processor of the Year
Earlier this year we announced we were bringing back the AHFA Processor of the Year competition. Each time a processor submitted a perfect compliance package, they received a postcard from our compliance staff congratulating them on the perfect submission. The Processor of the Year is earned by the processor who submitted the most “perfect” compliance packages.

We are pleased to announce that the FY19 AHFA Processor of the Year is…Karen Ragsdale with  Prosperity Home Mortgage, LLC ! Congratulations Karen! We appreciate everything you do to make the homebuying process more efficient and smooth for AHFA customers.
Buyers Using Step Up? Don't Forget To Pair it with the Affordable Income Subsidy Grant.
Earlier this year, we announced the Affordable Income Subsidy Grant (HFA Advantage product). In addition to t he down payment assistance currently offered through Step Up, this product provides eligible borrowers a grant to help with closing costs.  Borrowers with qualifying income at or below 50% of the Area Median Income (AMI) limits (as published by Freddie Mac) are eligible for an Affordable Income Subsidy (AIS) grant in the amount of $2,500. Borrowers with qualifying income between 50.01% - 80.00% of AMI limits are eligible for a grant of $,1500.

Income limits for these grant s are determined by the county location of the home:  http://www.freddiemac.com/homepossible/eligibility.html .

Additional Information and Qualifications:
  • Home Possible Advantage conventional loans only
  • For new or existing homes in Alabama
  • Lenders must run LP Automated Underwriting with Eligible/Accept only findings. No DU permitted.
  • 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 a participating lender
  • No cash back to borrower permitted from AIS grant, except for borrower paid POC items and verified earnest money deposit
  • No manual underwritten loans permitted

As with Step Up, this assistance can also be combined with a Mortgage Credit Certificate to make buying a home even more affordable.

Click  here for a lender flyer  with all the details.
Want To Know More About AHFA Programs?
We'll come train you on the benefits of our homebuyer programs and how to utilize them. Our Step Up down payment assistance program and Mortgage Credit Certificates help make homebuying more affordable and help more people qualify to buy a home.

Want to know the details? We offer onsite, in-person training for all mortgage professionals! These classes include training on our programs, borrower and property eligibility, processing, documentation, income calculations and more.

Contact us today to schedule a date and time! Email Cathy James at   cjames@ahfa.com .
Alabama Housing Finance Authority | www.AHFA.com