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FHA loan limit $271,050

USDA loan limit $135,000

Fannie Mae loan limits $417,000

HECM Reverse Mortgage Limit $200,160

Veterans VA loan limits $417,000

Alabama Federal Programs

FHA (Federal Housing Authority) Loans
FHA has several purchase and refinance programs
available. Programs are fixed or variable interest and
some are up to 100% financing. FHA guidelines offer
flexible underwriting so you can get a low interest
rate with less than perfect credit.

Fannie Mae & Freddie Mac
These are typically referred to as conventional loans
with 30 & 40 year programs. They also have several
community based programs for teachers, firefighters,
policemen, etc. These loans can be used for purchase
or refinance..

USDA (United States Department of Agriculture) Loans
USDA loans are 100% financing for purchase only. They are limited to counties that are zoned as rural.

HECM Reverse Mortgage Program
The HECM FHA insured reverse mortgage can be used by senior homeowners age 62 and older to
convert the equity in their home.

Alabama State Programs

AADI (AMERICAN DREAM DOWN PAYMENT INITIATIVE)
This program is provided by the AHFA (Alabama Housing Finance Authority) to help provide down
payment assistance to first time home buyers.

The "First Step" Program offered by AHFA
This tax-exempt Mortgage Revenue Bond program offers lower-than-market, fixed interest rates on 30-
year FHA, VA, Rural Development and conventional mortgages to first-time and lower-income home buyers.

The "STEP UP" Program offered by AHFA
The Step Up program is available statewide and year-round on a first-come, first-served basis. AHFA provides up to 100% financing (the lesser of $10,000 or 5 percent of the home's sales price) to income-qualified buyers using FHA, Rural Development, or select "My Community" conventional mortgage loans.

In conjunction with the down payment funds, AHFA offers a 30-year, fixed-rate mortgage with an interest rate just slightly higher than the current market rate. Program participants also must complete a home buyer education workbook. Participants may earn up to $97,300 and remain eligible for the Step Up program,
regardless of household size or location.

The down payment funds are blended into the home mortgage, so there's only one check to write.

MORTGAGE CREDIT CERTIFICATES
Mortgage Credit Certificates are NOT mortgages. Administered by AHFA, an MCC reduces the amount
of federal income tax homeowners pay, giving them more available income to qualify for a mortgage loan.

HABITAT FOR HUMANITY LOAN PURCHASE PROGRAM
The AHFA/Habitat for Humanity Loan Purchase Program is an innovative, statewide, collaborative
effort between AHFA and local Habitat for Humanity affiliates. Created in March 1992, the program
provides families in need with no-interest, no-down-payment mortgages. The AHFA/Habitat for Humanity Loan Purchase Program is an innovative,  statewide, collaborative effort between AHFA and local Habitat for Humanity
affiliates. Created in March 1992, the program provides families in need with no-interest, no-down-payment mortgages.

AHFA provides funds to Alabama's local Habitat affiliates by purchasing mortgage loans, and in turn, Habitat uses the funds to build more homes. This productive cycle unites the local Habitat affiliates, the lending community and AHFA to benefit Alabama's less fortunate families. The families themselves must still contribute "sweat equity" hours toward the construction of their own home and others and make modest mortgage payments.
AHFA has allocated $10 million toward this program, the first of its kind in the nation.

County Program
ACORN Housing
National non-profit ACORN Housing has been providing free housing counseling to low and
moderate income homebuyers since 1987. We have opened HUD-certified, Fannie Mae-approved housing
counseling offices across the US, helping over 50,000 families to achieve homeownership.

Catholic Social Services
Catholic Social Services is committed to improving the quality of life for those in need by providing
comprehensive social and human services including basic and emergency needs, homelessness,
immigration issues, housing and residential services, disabilities, adoption, mental health counseling, elder
health services, and much more. CSS works with persons of all faiths and cultures in the Spirit of God’
s universal love to advance human dignity and promote social justice, truth, and solidarity in our community.

Creditworks Mortgage Program

Do you dream of owning your first home, or of refinancing an existing mortgage at a better rate? This unique mortgage lending program, available exclusively to CCCS participants may help to make your dream a reality. This program allows for a market-rate mortgage loan to first-time home buyers and to home owners seeking to refinance who are of have
been on our Debt Management Plan. Besides market-rate financing, CreditWorks offers additional benefits. You can shop for a home knowing exactly what you can afford with a mortgage pre-approval. With a refinance you can get a loan up to 80% of
your home’s value. Through CCCS, CreditWorks offers you expert advice that will help you better handle the financial obligations of purchasing and owning a home.