AHFA and Freddie Mac have teamed up to offer the Freddie Mac Home Possible Advantage conventional loan product to borrowers in Alabama.
The Home Possible Advantage product will replace the HFA preferred product on all Conventional Step Up Reservations made in AHFA’s Lender Online Portal beginning January 22, 2019.
One of the benefits to the Home Possible 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.
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.
Read more here
for additional information and qualifications, a flyer with details, and a training webinar that will be hosted by Freddie Mac on January 24.