December 2023 Lender News from AHFA

Income Limit Increased for Step Up Program

The maximum qualifying income limit for AHFA's flagship Step Up program has increased to $159,200, effective December 14. The previous limit of $130,600, based on current area median incomes calculated by HUD, was set in 2020.

"AHFA is thrilled to update the limit to reflect our current times," said Single-Family Administrator Carrie Hamaker. "Our world looks very different than it did three years ago. This adjustment will enable AHFA and its participating lenders to provide down payment assistance with competitive interest rates for a larger segment of Alabama's moderate-income home buyers."

For more program information, visit our Step Up page at AHFA.com. To schedule a free training session, contact abeaugez@ahfa.com.

New 'Fun'ancial Literacy Resource Released:

Betty Budget Explains How to Get More from Your Money

Betty Budget and her friend Pigsley have joined the AHFA Kids crew! Watch Betty Budget add up her income, subtract her expenses, and see whether she has saved enough money to go to the fair.

The Richey family said, "Thank you for this fun clip. We learned that fixed expenses stay the same and variable expenses change. A spending plan based on income and expenses is called a budget. A budget determines how much you receive, earn, spend over time. Having a budget helps you track how much you spend. Betty Budget had enough to go to the fair with $5 for spending."

AHFA is committed to bringing you every tool possible to serve potential home buyers. Feel free to share this video with your customers and their children.

Ho! Ho! Ho! Where Did AHFA Go?

AHFA elves have traveled from pole to pole in recent weeks, bringing a bit of salty sweetness to our participating lenders. These annual pretzel tin deliveries are a small token of appreciation for their "magic touch" throughout the year in turning Alabamians into homeowners using AHFA programs. Thank you!

Dothan: Fairway Independent Mortgage

Dothan: Interlinc

Cullman: Stockton Mortgage

Cullman: First Federal Mortgage

Decatur: Southpoint Bank

Decatur: River Bank Mortgage

Columbus: Guild Mortgage

Columbus: New American Funding

Columbus: Prime Lending

Florence: Assurance Financial

Florence: River Bank Mortgage

Florence: Trustmark

Florence: United Community Mortgage

Huntsville: Assurance Financial

Huntsville: Certainty Home Loans

Huntsville: loanDepot

Huntsville: First Bank Mortgage

Huntsville: Victorian Finance

Huntsville: First Federal Mortgage

Huntsville: First Horizon

Huntsville: Lennar Mortgage

Tuscaloosa: United Community Mortgage

Birmingham: Acopia Home Loans

Birmingham: DHI Mortgage

Birmingham: First Federal Mortgage

Birmingham: loanDepot

Birmingham: Movement Mortgage

Birmingham: Stockton Mortgage

Anniston: Silverton Mortgage

Rainbow City: Stockton Mortgage

Rainbow City: Acopia Home Loans

Gadsden: First Federal Mortgage

Here, There & Everywhere: We weren't able to get pictures from every visit. But we enjoyed seeing everyone just the same!

Welcome New Participating Lender: Peoples Mortgage

AHFA is pleased to welcome Peoples Mortgage Company as a participating lender in the Step Up program. Peoples Mortgage now can offer their customers more down payment assistance and grants toward closing costs through AHFA.

If your company would like to inquire about participation in any of AHFA’s single-family financing programs, please contact us at lenderhelp@ahfa.com.

Current Interest Rates

Below are the current Step Up interest rates:

FHA / VA: 7.000%
CONV-Freddie Mac: 7.250%

Rates are subject to change without notification.

Holiday Office Closings

The AHFA offices will be closed on the following dates in observance of holidays:

Christmas: Friday, Dec. 22 & Monday, Dec. 25
New Year's Day: Monday, Jan. 1
King/Lee Day: Monday, Jan. 15

Merry Christmas & Happy New Year from Alabama Housing Finance Authority!

Our staff wishes you comfort, warmth, and good cheer as you enjoy your home and family throughout the holiday season.

Thank you for helping us provide homeownership opportunities across Alabama!

We look forward to working with you in 2024.

Alabama Housing Finance Authority | www.AHFA.com