Am I Eligible? | Alabama Housing Finance Authority

To Be Eligible For a Step Up Mortgage

You must buy a new or existing home. Refinancing an existing mortgage does not qualify
You must buy a home in Alabama and occupy it, as your primary residence, within 60 days of closing
Your annual household income cannot exceed $97,300
You must be a legal resident of the United States
You must apply for an FHA or conventional loan through a participating lender
Your credit score must be 620 or higher
You must complete a homeownership education course

You must be a first-time homebuyer (or have not owned a home in the last three years)
- If the home you are purchasing is located in a "target" area, other conditions may apply. Contact your lender for more information.
You must buy a new or existing home. Refinancing an existing mortgage does not qualify
You must buy a home in Alabama and occupy it, as your primary residence, within 60 days of closing
You must meet federally established income and sales price limits
You must be a legal resident of the United States
You must apply for an amortizing loan through a participating lender
AHFA reviews and approves requests for an MCC prior to the closing of the loan