Are you a first-time homebuyer ready to experience the charm of Alabama? This guide is your ticket to discovering affordable homeownership options in the heart of the Deep South. Uncover a variety of specialized assistance programs and resources tailored specifically for Alabama residents. From customized down payment assistance to favorable mortgage solutions, confidently navigate Alabama real estate.
State-Wide Programs
Program | Assistance Offered | Who Should Apply | Assistance Type |
---|---|---|---|
Affordable Income Subsidy Grant | Up to 1% of home loan that can be used for closing costs | Any homebuyer that can meet income and credit score requirements | Grant |
Mortgage Credit Certificate | Reduces up to $2,000 in mortgage interest that you pay into federal taxes for the life of your loan | Any homebuyer that can meet income and home sale price requirements | Tax credit |
Step Up Program | Up to 3.5% of home loan that can be used for down payment assistance | Any homebuyer that can meet income and credit score requirements | Second mortgage |
Regional Programs
County/Region | Program | Assistance Offered | Who Should Apply | Assistance Type |
---|---|---|---|---|
Mobile | Down Payment Assistance Program | Up to a $10,000 in down payment assistance | First time homebuyers that can meet income requirements | Grant |
City Programs
City | Program | Assistance Offered | Who Should Apply | Assistance Type |
---|---|---|---|---|
Decatur | H.O.M.E. Program | Up to 50% of down payment or up to 100% of closing costs | First time homebuyers that can meet income requirements | Grant |
Huntsville | Home Ownership Program | Up to $7,500 in down payment assistance | First time homebuyers that can meet income requirements | Grant |
Mobile | Down Payment Assistance Program | Up to $10,000 in down payment assistance and closing costs | First time homebuyers that can meet income requirements | Forgivable second mortgage |
Montgomery | Homeownership Program | Monthly mortgage assistance | First time homebuyers that can meet income requirements | Subsidy |
Opelika | Homeownership Loan Program | Up to $6,000 in down payment assistance | First time homebuyers that can meet income requirements and buying within the city limits of Opelika | Grant |
Prichard | Affordable Homes Program | Down payment assistance - amount not specified | First time homebuyers that can meet income requirements | Not specified |
Tuscaloosa | Homeownership Program | Up to $22,500 towards home purchase | First time homebuyers that can meet income requirements | Forgivable second mortgage |
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