Down payment Assistance Program (DAP)
The City of Huntsville Community Development Department and the Alabama Housing Finance Authority provide first home purchase down payment and/or closing cost assistance. The assistance is available on a first-come, first-served basis, until funds run out.
$5000 is provided at time of closing to be used exclusively for the down payment and/or closing costs associated with buying a single-family home. The $5000 is a 0% interest deferred loan with no monthly payments. The loan is gradually forgiven by 20% per year and is totally forgiven after the buyer has lived in the home for five (5) years.
Eligibility Requirements
To be eligible, a participant must:
- Have not owned a home within the last three (3) years (some exceptions may apply)
- Complete a Homebuyer Education Course (provided by FSC at no charge)
- Have $500 in personal savings account for home maintenance prior to loan closing
- Purchase home within Huntsville City Limits (including areas annexed by Huntsville)
- Purchase home costing no more than $150,000 with monthly payments that FSC has verified to be affordable
- Purchase home that passes code inspection by City of Huntsville before closing
- Have income at or below 80% of the area's median income based on family size
Now is a GREAT TIME to buy a Huntsville area house! Mortgage rates are at a 50 year low!
Contact me for more information on how to participate in this program, or for help in finding or selling your Huntsville Alabama Home.
Walter
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