HOPE Affordable Housing Program

What is HOPE Affordable Housing Program?

HOPE Affordable Housing Program is a first mortgage for homebuyers in Alabama, administered by Hope Credit Union (Hope Enterprise Corporation).

• HOPE's Affordable Housing Program is a fixed-rate first mortgage for low- to moderate-income borrowers across the Deep South, including Alabama. It offers 100% financing on homes up to $350,000 (97% up to $425,000), no PMI, credit scores as low as 580, and nontraditional credit. Down payment and closing-cost assistance may be available based on availability and location.
• Up to 100% financing (no money down) up to $350,000.
• No PMI.
• Credit scores as low as 580.
• Nontraditional credit accepted.
• DPA based on availability/location.
• Competitive fixed rates.
• Funding comes from Hope Credit Union / Hope Enterprise Corporation (CDFI).

How much assistance does it provide?

HOPE Affordable Housing Program provides assistance worth 100% of the purchase price, as set by the program.

• Amounts are the program's published maximums, not an offer — Hope Credit Union (Hope Enterprise Corporation) determines any individual award.

Do you have to pay it back?

HOPE Affordable Housing Program is a first mortgage and is repaid under the terms set by Hope Credit Union (Hope Enterprise Corporation).

• The assistance is recorded in first position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

HOPE Affordable Housing Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

HOPE Affordable Housing Program limits household income to 120% of the area median income, which varies by county and household size.

• No income limit when purchasing in HUD-designated target areas; up to 120% of area median income (AMI) in non-target areas.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

HOPE Affordable Housing Program can be used for Single Family.

Where does it apply?

HOPE Affordable Housing Program serves buyers purchasing anywhere in Alabama.

• The program targets specific areas: HUD-designated target areas have no income limit; non-target areas capped at 120% AMI.

How do you apply?

Applications for HOPE Affordable Housing Program go through Hope Credit Union (Hope Enterprise Corporation), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Hope Credit Union (Hope Enterprise Corporation) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.