As you know, AHFA and Freddie Mac have teamed up to offer the Freddie Mac HFA Advantage conventional loan product to borrowers in Alabama.
Freddie Mac is hosting a
training webinar for all lenders
on June 20 at 1 p.m. Click
here
for details.
One of the benefits to the HFA 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.
As with Step Up, this assistance can also be combined with a Mortgage Credit Certificate to make buying a home even more affordable.
