Step Up helps low- and moderate-income applicants achieve their homeownership goals, by providing down payment assistance. The funds are made available in the form of a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage.

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Step Up Program

Financial Assistance for Homebuyers in Alabama

The Alabama Housing Finance Authority’s Step Up Program helps low- and moderate-income applicants achieve their homeownership goals, by providing down payment assistance. The funds are made available in the form of a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage.

In order to apply for the Step Up program, homebuyers must meet the following requirements:
  • The property being purchased must be a new of existing home. Refinancing an existing mortgage does not qualify
  • The property must be located in Alabama
  • The property must serve as the homebuyer’s primary residence, within 60 days of closing
  • The homebuyer’s annual household income cannot exceed $97,300
  • All applicants must be legal US residents
  • Homebuyers must apply for an FHA or conventional loan through a participating lender
  • All applicants must have a credit score must be 620 or higher
  • All applicants must complete a homeownership education courseThe following is a list of participating lenders:Academy Mortgage Corp.
At the time of this update, the following is a list of participating lenders: 
  • ​Academy Mortgage Corp.
  • Acopia Home Loans       
  • Aliant Bank        
  • Anchor Mortgage Services, Inc.
  • Assurance Financial Group, LLC 
  • Auburn Bank     
  • BancorpSouth
  • BBVA Compass Bank
  • Branch Banking & Trust Company (BB&T)
  • Brand Mortgage
  • Cadence Bank
  • Capstone Bank
  • CharterBank
  • Cheaha Bank
  • Consumer First Mortgage, Inc.
  • Cullman Savings Bank
  • DHI Mortgage Company
  • Fairway Independent Mortgage Corporation
  • FBC Mortgage, LLC
  • Fidelity Bank
  • First Bank
  • First Community Mortgage
  • First Federal Bank
  • First Liberty Financial Group, LLC              
  • First Partners Bank
  • Gateway Mortgage Group, LLC 
  • Hamilton Mortgage Corporation              
  • Hancock Bank   
  • Heritage Bank Of The South
  • Home Mortgage Of America, Inc.
  • HomeServices Lending  Auburn
  • HomeTown Lenders, LLC             
  • Iberia Mortgage              
  • Imortgage
  • Interlinc Motgage           
  • Keystone Bank 
  • Liberty Mortgage Corporation   
  • MAX Credit Union          
  • Midtown Mortgage Inc.               
  • Movement Mortgage
  • National Bank Of Commerce      
  • Network Funding LP      
  • Platinum Mortgage, Inc.              
  • Primary Residential Mortgage, Inc.
  • PrimeLending   
  • Progress Bank & Trust   
  • Regions Financial Corporation
  • Renasant Bank 
  • River Bank And Trust     
  • Servis First Bank              
  • SouthFirst Bank
  • SouthPoint Bank             
  • Supreme Lending Birmingham
  • SWBC Mortgage Corporation
  • Synovus Mortgage Corporation
  • Trustmark Mortgage     
  • West Alabama Bank And Trust  
  • WR Starkey Mortgage

Down Payment Grants in Alabama

Step Up helps low- and moderate-income applicants achieve their homeownership goals, by providing down payment assistance. The funds are made available in the form of a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage.