NeWS to KnOW

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% financing
First time home buyers or move-up buyers
Maximum annual family income $98,230
30 year conventional fixed rate (tbd)
No monthly mortgage insurance
1% participation fee by seller or seller/realtor combined
1% guarantee
620 credit score minimum
Maximum 45% DTI ratio
Home 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.