June 2024 Lender News from AHFA

Bonds are Back!

Decatur Lender, Buyer Score Opening Day First Step Loan

Just nine weeks in, AHFA's First Step MRB program has already helped 313 homebuyers across the state afford their own homes and changed their lives for the better. For example, the very first loan under this new bond issue was made to Terrianna Cook of Morgan County. She and her mortgage loan officer, Deja White-Wade of FirstBank, secured a loan through the First Step program on the day it opened.

Raised in a single-parent household of six siblings, 22-year-old Terrianna is the first in her family to own a home. Thanks to the low interest rates made possible by AHFA, she looks forward to homeownership and building generational wealth.

As Terrianna's loan officer, Deja White-Wade became a pivotal figure in her search. Deja had attended a sneak preview of the First Step program hosted by AHFA, which gave her valuable insight into the program’s guidelines and the benefits of a bond loan for homebuyers.

“First Step was such a smooth and beneficial experience, especially for those who already utilize AHFA’s existing Step Up program," said Deja. "It’s the same process [as Step Up], just with a lower interest rate. Great job to AHFA for making homebuying more affordable!”

Deja determined that the First Step program would be an ideal fit for Terrianna, with below-market interest rates resulting in a much lower monthly

mortgage payment. AHFA's

New homeowner Terrianna Cook with her mortgage loan officer, Deja White-Wade of FirstBank

accompanying down payment assistance even allowed Terrianna to receive cash back at closing.

“Luckily Deja found out about the First Step program and quickly informed and helped me out,” said Terrianna. “When I think about how highly favored I was during this process I am just left speechless. I am very honored to be the first of many! I’m the first in my generation to become a homeowner because of the First Step program.”

AHFA Executive Director Robert Strickland said that First Step funds are being claimed quickly, just as expected: "Demand is high and the program has proven to be very popular, so we are working to keep funds available through the end of the year," he said. "We are grateful to Deja and Terrianna for sharing their story and we wish them both continued success."

See current First Step interest rates, participating lenders, income limits, a map for determining target areas, and other program details at www.ahfa.com.

AHFA Lender Sees 'Big Impact' with First Step Program

Trustmark Mortgage Community Lending Specialist Veleeta Aaron, based in Mobile, is both a leading lender for AHFA and part of the Trustmark team that earned 2Q24 recognition.

Trustmark lenders who closed loans using AHFA programs last quarter shared with us their thoughts on the new First Step MRB program. Veleeta's comments are shown at right. We appreciate you!

'Your Info Here:'

Customize Our New First Step Flyers to Work for You

AHFA recently completed new versions of its customizable flyers for the First Step program. These high-resolution, one-page PDFs are available for download in English and Spanish for our participating lenders in the Marketing Materials section of Lender Online. Each contains a quick summary of key requirements for the program, with a space at bottom left where you can add your own contact information before sharing them with potential customers.

Art Contest Open for Entries

AHFA celebrates National Homeownership Month each June with a children's art contest. View complete details HERE and share with any Alabama artists you know between the ages of 5 and 12.

Realtors and Lenders, Let's Connect! We Want to Meet You!

Are you a mortgage or real estate professional who wants to know more about AHFA programs? AHFA offers on-site training on our programs that covers borrower and property eligibility, processing, documentation, income calculations and more. Our “Doing Business with AHFA” class qualifies for 3 CEUs, certified by the Alabama Real Estate Commission.