First Step

First Step es una subvención para compradores de vivienda en Statewide, Alabama. First Step is AHFA's flagship Mortgage Revenue Bond program, providing a below-market 30-year fixed-rate first mortgage paired with up to $10,000 / 4% down payment assistance as a 10-year second mortgage. Available statewide for first-time buyers (or repeat buyers in IRS-designated target areas). Borrowers must meet HUD-set income limits and IRS-set sales price limits. Nearly 50,000 Alabama households have benefited from the program since 1980. First Step pairs a below-market 30-year fixed-rate first mortgage (FHA, VA, USDA, or Freddie Mac HFA Advantage conventional) funded with tax-exempt mortgage revenue bonds with a down payment assistance second mortgage of up to $10,000 or 4% of the sales price, whichever is lower. The DPA is structured as a 10-year amortizing second mortgage combined with the 30-year first mortgage. Loans are serviced by ServiSolutions (a division of AHFA) so homeowners write only one check per month. Borrowers using the HFA Advantage conventional product may also qualify for the Affordable Income Subsidy Grant for additional closing-cost assistance. Los fondos provienen de Tax-exempt Mortgage Revenue Bonds issued by AHFA; loans serviced by ServiSolutions (an AHFA division).

First Step ofrece una ayuda equivalente al 4% del precio de compra, según lo fija el programa. Aporte del comprador de vivienda: No minimum borrower contribution stated by AHFA; loan-product overlays (FHA/VA/USDA/Freddie HFA Advantage) apply. El programa se puede combinar con otras ayudas, sujeto a las reglas de cada una. Los montos son los máximos publicados por el programa, no una oferta: la agencia que administra el programa determina cualquier ayuda individual.

First Step está estructurado como una subvención, así que no se devuelve. El reembolso se activa por 10-year amortizing second mortgage with monthly payments combined with the first mortgage y balance becomes due upon sale, refinance, or transfer of the property if not yet repaid. La ayuda se registra con un gravamen en posición 2nd Lien. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

First Step está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: Repeat homebuyers are eligible if the property is in an IRS-designated target area; otherwise borrower must not have had an ownership interest in a principal residence in the previous 3 years. Sobre el crédito, el programa indica: 640 minimum FICO for all loan products (FHA, VA, USDA, and HFA Advantage conventional). Se requiere un curso de educación para compradores de vivienda, a través de Approved homebuyer education provider required (online or in-person); list available through participating lenders and AHFA. Requisito de residencia: Property must be in Alabama and occupied as primary residence within 60 days of closing. Ciudadanía o situación migratoria: U.S. citizen or qualified non-citizen per agency loan-product guidelines. First-time homebuyer required in non-target areas (no homeownership in the previous 3 years); first-time-homebuyer requirement is waived in IRS-designated target areas. Borrowers must occupy as primary residence within 60 days of closing. Property may not be used for business, commercial, or rental purposes. Federal recapture tax may apply to the bond-funded first mortgage if the home is sold within 9 years and the borrower's income has increased significantly. AHFA's First Step income limits are tied to HUD area median family income (AMFI) but are set by IRS bond rules at HUD AMFI for non-target Family 1-2 (e.g., All Other Counties = $86,400) and 115% of AMFI for non-target Family 3+ ($99,360); target-area limits are 120%/140% of AMFI. The 4-person figure of $120,960 (target, All Other Counties) is meaningfully higher than HUD 2025 4-person AMI for many rural Alabama counties (~$70K-$80K), reflecting the bond-program 120% adjustment.

First Step limita el ingreso del hogar a $120,960. El límite se aplica al ingreso total del hogar, no solo al del prestatario. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

First Step limita el precio de compra a $665,173. Los tipos de propiedad elegibles incluyen Single-family detached, townhomes, condos (must meet agency approval), 2-4 unit per IRS bond rules limited (typically 1-unit owner-occupied), manufactured housing per agency guidelines. La construcción nueva es elegible. Las viviendas prefabricadas son elegibles.

First Step atiende a compradores de vivienda que compran en Statewide, Alabama. El programa se dirige a áreas específicas: IRS-designated qualified census tracts and areas of chronic economic distress in Alabama. In target areas, first-time-homebuyer requirement is waived and higher income/sales price limits apply. Use AHFA's Target Area Status Map to verify a property's status: https://www.ahfa.com/programs/homeownership/available-programs/first-step-mortgage-revenue-bonds/targetnon-target-maps.

Las solicitudes de First Step se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de Lender reserves rate/funds via AHFA's online lender portal (AllRegs/lender system) on a first-come, first-served basis. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.