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The City of Huntsville’s Down Payment Assistance Program

The program lends first-time home buyers $5,000, interest free for down payment and closing costs. There are no monthly payments. The loan is forgiven
at 20% per year and is fully forgiven after the buyer has lived in the home five years.


Ø  First Time home buyer or not owned a home within the last 3 years.

Ø  Take a home buyer education course. (Free course)

Ø  Have $500 in a savings account.

Ø  Purchase within the Huntsville City limits.

Ø  Home may not exceed $150,000.

Ø  Household income at or below 80% of the area’s median income based on family size

as defined by the Department of Housing and Urban Development.

Ø  Purchaser must occupy the property as primary home for a minimum of five years.

Mortgage Credit Certificate program

This federal program may be used with any 30-year, fixed-rate mortgage. It gives a federal tax credit based on interest paid each year.

Requirements for a Mortgage Credit Certificate

Ø  Be a first-time home buyer (or have not owned a home in the last three years)

Ø  Must buy a new or existing home. Refinancing does not qualify

Ø  Must buy a home in Alabama and occupy it as your primary residence.

Ø  Must meet federally established income and sales price limits

Ø  Must have a 30-year loan.

Most lenders require a credit score of 560 – 580 or higher.

Get a free copy of your credit report

This information is a summary only and not to be used to make financial decisions. Contact an experienced local lender for full and current information

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