July 2020
3rd Quarter Leading Lenders Announced
Each quarter, AHFA recognizes the top loan officers who are closing the most deals using AHFA homeownership programs: Step Up, Affordable Income Subsidy Grant, and Mortgage Credit Certificates.

The top three Leading Lenders for Fiscal Year 2020, 3rd Quarter are, in alphabetical order:
Congratulations to these lenders! We appreciate them utilizing our programs to make buying a home more affordable for Alabamians.
ICYMI: New Rural Homebuyer Program
AHFA has been seeking an opportunity to help potential homebuyers in rural areas, and we are proud to announce that we have teamed up with Fannie Mae to offer the HFA Preferred Rural Homebuyer Program.

This program will be used in conjunction with the Step Up down payment assistance program and will help lower a homebuyer’s monthly mortgage payment by funding part of the mortgage insurance and waiving the commitment fee. 

The split non-refundable mortgage insurance with initial upfront MI rate of 1.50% will be paid by AHFA. The monthly MI premium paid by the borrower will be:

  • 95.01% to 97% LTV = 18%
  • 90.01% to 95% LTV = 16%
  • 85.01% to 90% LTV = 12%
  • 80.01% to 85% LTV = 6%

In addition, AHFA is waiving the 15-day reservation commitment fee of 0.5% of the total loan amount.

Additional Information and Qualifications:
  • For new or existing homes 
  • Desktop Underwriter with “Approve/Eligible” recommendation is required
  • Per FHFA’s 2018-2020 Duty to Serve High-Needs Counties regulation, property must be located in one of the following counties: 
  • Barbour, Bullock, Butler, Choctaw, Clarke, Conecuh, Dallas, Escambia, Greene, Hale, Lowndes, Macon, Marengo, Monroe, Perry, Pickens, Pike, Russell, Sumter, Washington, Wilcox 
  • No sales price maximum
  • Borrower(s) qualifying income converted to an annual basis cannot exceed 80% of the Area Median Income (AMI) for property’s location or, $97,300 annual income (whichever is less)
  • Click here to use Fannie Mae’s Area Median Income Lookup Tool
  • Minimum credit score of 640 is required 
  • Debt-to-income ratio must be 45% or lower
  • Must apply for loan through a participating lender
  • No manual underwritten loans permitted

The program will be available July 13 until October 2, 2020.

For more information about the program, contact Cathy James at cjames@ahfa.com .
Send Us Your "Working From Home" Photos!
The ongoing COVID-19 pandemic has created a new normal for many - working from home. While this is a serious issue we are all facing, we want to spread some happiness and smiles.

Have some new coworkers (kids, pets)? What about a new view from or of your office? Send your photos to  communications@ahfa.com , and we'll share them on our social media channels and tag you.

Help us flood our page with photos that will make people smile and get a little promotion for yourself as well. We look forward to seeing your photos!
Alabama Housing Finance Authority | www.AHFA.com