The house did pass the new 100% Alabama Housing Finance Authority program so hopefully we will be able to offer this new program to home buyers soon. AHFA has to find a funding source, so for now, we do not know the rate or how long this may take.
As a reminder, here are the proposed program parameters that I know of:
100% financingFirst time home buyers or move-up buyersMaximum annual family income $98,23030 year conventional fixed rate (tbd)No monthly mortgage insurance1% participation fee by seller or seller/realtor combined1% guarantee620 credit score minimumMaximum 45% DTI ratioHome buyer counseling is required
I will continue to watch and advise when I receive official word that we have funding. Please let me know if you have additional questions.
Daniel DiGuglielmo - Your Mortgage BankerNMLS # 267473E-mail: DanielD@AliantBank.com100 Century Park South, STE 200Birmingham, AL 35226 Fax: 205-823-5403 Phone: 205-823-1727
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