2009 First Time Home Buyer Tax Credit Explained

USDA Guaranteed Rural Loan Program

Full documented borrower up to 105% financing*. Primary homes only. No PMI. 2% fee financed. 30 year fixed mortgage. (*If appraisal is higher than sale price, up to 5% may be added to the loan for closing costs.)

Family Size Annual Household Maximum Income Limits

Qualifying Ratios: 29%**/41%** (**Exceed ratios by 2% if property is energy efficient)

Restrictions: Property must be in approved zones. Can't be in a flood zone. No in-ground pools. Condos must be warrantable.

Alabama Housing Finance Authority Step Up Program

Participants may earn up to $97,300. AHFA provides a portion of down payment and cost to close up to 5% of the sales price or $10,000 (which ever is less) as a 2nd mortgage.

Buyers qualify using FHA or USDA Guaranteed Rural Housing Loans. No sales price limits. No target areas. No federal recapture. No first time homebuyer requirements. No household size limit or location requirement.

FHA Financing

Full Documented Loan* (*Acceptable credit history and reliable repayment income)

3.5% down payment required. Down payment can be gifted. 6% seller concessions. 620+ Mid-FICO less documentation. Qualifying Ratio 28%/41%.

Loan Limits

Disclaimer: The loan programs contained herein have been provided to the Baldwin Housing Alliance, Inc. by several area lenders. Loan programs and qualifying requirements are subject to change. BHA is not a lender and make no commitment to accuracy of information contained herein. The preceding is presented for general information only. Buyers should contact a lender of their choice for specific program information and qualifying.

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PO Box 1440, Robertsdale, AL 36576

251.947.2445 - 251.947.4229 fax