Please note that this version of our newsletter contains the corrected link for First Federal Mortgage, shown in green below. We apologize for any inconvenience that this may have caused to our readers or to this valued lender.

'No Debt but Their House Payment':

Lender Uses First Step Funds, DPA and AIS Grant Combo

to Introduce Young Pell City Buyers to Homeownership

A young Pell City family recently got a head start on homeownership through the hard work of their loan officer, Wendy Baker of First Federal Mortgage in Birmingham, who introduced them to AHFA’s First Step and Affordable Income Subsidy Grant (AISG) programs.

“This loan had lots of moving pieces, but it was so rewarding,” said Wendy. “I do love the [First Step] bond program. You all at AHFA are always so willing to help and answer questions and walk us through it. And like anything else, the more you do, the easier it becomes.”

The primary borrower is a 24-year-old schoolteacher and choir director. His wife stays busy at home, caring for their three children: twin 2-year-olds and a 1-year-old.

“He was the same age as my son, so I really took on a mama role,” Wendy explained. “As I got to know them, this sweet little family became dear and near to my heart. I was reminded that situations like this are what AHFA’s loan products are made for.”

“It’s so hard to save when you’re spending all you earn on rent. With the First Step loan,

down payment assistance,

and AISG package,

they were able

to use their savings

to pay off their debt instead."

Wendy Baker, First Federal Mortgage

A closing date in late May enabled the family of five to secure a lower-than-market 6 percent interest rate on their conventional First Step loan. To sweeten the deal, Wendy used AHFA’s Affordable Income Subsidy Grant to completely cover the down payment and closing costs.

“They had saved a little bit, but not a lot,” she said. “It’s so hard to save when you’re spending all you earn on rent. With the First Step loan, down payment assistance, and AISG package, they were able to use their savings to pay off their debt instead. They basically got rid of their bills, so now they have no debt but their house payment.”

Wendy’s willingness to go the extra mile for her customers earned her recognition as one of AHFA’s top participating lenders for the third quarter of FY2024.

“As an industry, we are called to serve,” she said. “I try to set them up for success, knowing that we all start somewhere. But everybody deserves that opportunity to become a homeowner.”

See current First Step interest rates, income limits, and other program details at www.ahfa.com.

Only 5 Days Left ... Register Now to Build a Better Mortgage

A few spaces are left for a half-day, can't-miss event co-hosted by AHFA and the Mortgage Bankers Association of Alabama on Tuesday, August 20 in Montgomery. Representatives from the Federal Home Loan Bank, USDA, Birmingham and Montgomery housing authorities, and more will show attendees how to "think outside the box" by combining homebuyer assistance programs. Lunch is included and features speaker Stuart Norton of the Alabama Center for Real Estate.

Outstanding Lender Results Revealed for FY24 3rd Quarter

Alan Easterwood with SouthPoint Bank, Anniston

David Keenum with Embrace Home Loans, Mobile

Lindsay Nance with Movement Mortgage, Montgomery

Bree Shores with FirstBank Mortgage, Fairhope

We would walk (or drive) 500 miles to be with you! Our business development specialist, Alana Beaugez, has done just that this month. If you'd like to learn more about AHFA programs or host an event, simply email abeaugez@ahfa.com to schedule your own on-site training.

Our “Doing Business with AHFA” class qualifies for 3 CEUs, certified by the Alabama Real Estate Commission. Join us to receive post-licensing credit and learn how to expand your customer base through AHFA's financing options. Please register through the hosting organization.