In partnership with
City of Huntsville Community Development
Family Services Center is a certified Community Housing Development Organization (CHDO).
In partnership with
City of Huntsville Community Development
Family Services Center is a certified Community Housing Development Organization (CHDO).
Download New Home Flyer Here (pdf)
Terry Heights, Huntsville
- Brand New with upscale fixtures
- Down payment money available
- All kitchen appliances furnished
- Energy Efficient
- Annual Gross Household Income must be < 80% of Huntsville AMI (see below)
|
Family Size |
Maximum Income |
1 |
40,150 |
2 |
45,900 |
3 |
51,650 |
4 |
57,350 |
5 |
61,950 |
6 |
65,550 |
7 |
71,150 |
8 |
75,750 |
Downpayment & Closing Cost Assistance
Family Services Center (FSC) is under contract to do the applications and counseling for homebuyers who want to receive $5000 from the City of Huntsville Downpayment Assistance Program.
$5,000 will be provided at time of loan closing to be used for the downpayment and closing costs associated with buying a single-family home or condo/townhouse in Huntsville. At least $2500 must go to downpayment; i.e., Sales Price less Total Loan Amount must equal $2,500 minimum.
The $5000 is treated as a loan that does not have to be repaid once the buyer has lived in the home for five (5) years. Assistance is available on a first-come, first-served basis, until funds run out.
City-Approved Lenders for DAP (alphabetical order):
Bank of America, Consumer First Mortgage, First Federal Mortgage, Habitat for Humanity, Hamilton Mortgage Corporation, Hometown Lenders - Alabama Mortgage, Hometown Lenders - 1st Family Mortgage Mortgage America, NAB Mortgage Group, Platinum Mortgage, Progress Bank & Trust, RBC Bank, Redstone Federal Credit Union, Southwest Funding, WR Starkey Mortgage (others may be approved, check with us for updates)
Lender approval requirements are at http://www.hsvcity.com/comdev/dap.php
City-Approved Builders for DAP
Breland Homes, Habitat for Humanity, Hunter Homes
To be eligible, a participant must:
Be a first-time homebuyer (have not owned a home
within the last three years, or are a displaced homemaker or single parent –
see definition below)
Complete a free eight-hour homebuyer training course provided at Family
Services Center
Have at least $500 in personal savings account prior to loan closing
Purchase home in Huntsville city limits, not in flood plain, with purchase price not exceeding $150K
Purchase home built 1978 or after,
or if pre-1978, home must pass lead-based paint assessment by certified
company
The Borrower
must be a first-time homebuyer. For the purposes of the DAP Program, a
first time homebuyer is defined as an individual or his or her spouse
who has not owned or held an interest in a principal residence in three
years prior to acquiring the subsidy of the down payment assistance.
The term
first-time buyer includes an individual who is a displaced homemaker or
single parent and who, even if while a homemaker or married, owned a
home with his or her spouse or resided in a home owned by the spouse.
A displaced
homemaker means an individual who: (1) is an adult; (2) has not
worked on a full-time basis as a member of the labor force for a number
of years, but has, during such years, worked primarily without
remuneration to care for the home and family; and (3) is unemployed or
underemployed and is experiencing difficulty in obtaining or upgrading
employment.
A single
parent is defined to mean an individual who: (1) is unmarried or
legally separated from a spouse; and (2) has one or more minor children
for whom the individual has custody or joint custody, or is pregnant.
Home must pass a (no-charge) code inspection by City of Huntsville before
closing, so foreclosure may not work. (Please note that if it fails
inspection, seller will have to bring it up to code even if you don’t buy
it; see note on back*.)
Use City approved lender - no seller financing (and approved builder, if new
home ) - see list above
Live in the property - it cannot be used for rental, business, or other
commercial purposes
Meet lender standards for creditworthiness with maximum qualifying ratios of
31 & 43, i.e., mortgage payment no more than 31% of gross monthly income,
and no more than 43% including credit payments; using 30 year fixed loan
Have a household income (gross income of all persons who will live in home)
at or below 80% of the area’s median income based on family size as defined
by HUD (see chart at top of page)
First Time Homebuyer Definition
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