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).

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.

HOPE Affordable Housing Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 580; nontraditional/alternative credit accepted (at least 3 lines verified over 12 months); medical collections not counted. A homebuyer education course is required. Minimum 580 credit score, primary residence, approved homebuyer education course, income at or below 120% AMI in non-target areas (no limit in target areas). DPA dollar amount not published (varies by availability/location).

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.

HOPE Affordable Housing Program can be used for Single Family.

HOPE Affordable Housing Program serves homebuyers purchasing anywhere in Alabama. The program targets specific areas: HUD-designated target areas have no income limit; non-target areas capped at 120% AMI.

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