Free First-Time Homebuyer Training
Family Services Center provides free training on buying your first home, This course is ideal for those that intend to purchase a home relatively soon (within 0-6 months). Learn how to obtain an affordable mortgage, the best way to shop for a home (mortgage), and about financial assistance that may be available to you. We also provide information on how to improve your credit score in order to qualify for the lowest cost mortgage, how to avoid foreclosure and much more. This course is required for several financial assistance programs. Individual counseling sessions are also available at no charge.
each training course consists of two parts (4-hours each) that are repeated monthly. you must attend both sessions - part I and part II.
2014 First-Time Homebuyer Training Sessions
- Part I - Mondays
5:00pm sharp - 9:00pm
- Jan 6
- Feb 3
- Mar 3
- Apr 7
- May 5
- June 2
- July 14
- Aug 4
- Sep 8
- Oct 6
- Nov 3
- Dec 1
- Part II - Tuesdays
5:00pm sharp - 9:00pm
- Jan 7
- Feb 4
- Mar 4
- Apr 8
- May 6
- June 3
- July 15
- Aug 5
- Sep 9
- Oct 7
- Nov 4
- Dec 2
All classes are held from 5:00pm (sharp) to 9:00pm at Family Services Center. Those who arrive after 5:00 may not be allowed to enter into the class. Call 551-1610 to reserve a seat.
Food and/or drinks are allowed in class; unfortunately children & individuals under the age of consent (19 yrs. old) are not allowed.
Financial Assistance for First-Time Homebuyers
The City of Huntsville Community Development Department provides downpayment and/or closing cost assistance for first time homebuyers in Huntsville. The program, Huntsville Downpayment Assistance Program (DAP), 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 downpayment 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.
Applicants must meet all of the following requirements to be eligible:
- Be a first-time homebuyer*
- Complete a free eight-hour Homebuyers Education 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
- Home must be built 1978 or after, or if built pre-1978, it must pass a lead-based paint assessment performed by certified company
- Home cannot be a Neighborhood Stabilization Program (NSP) property (from FSC, HHA or HFH)
- Home must pass a (no-charge) code inspection* by City of Huntsville before closing, so foreclosure may not work
- Use a City-approved lender (and approved builder, if new home), no seller financing
- 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*
- 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
If you meet all of the eligibility requirements above, call Family Services Center at 256-551-1610, or visit us at our office to apply.
- 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.
- if the house fails inspection, the seller will have to bring it up to code even if you don’t buy it.
- 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
if you would like to help or need further information, please contact us by phone: 256-551-1610, e-mail: email@example.com, or in person at 4092 Memorial Pkwy SW, Suite 205, Huntsville, AL 35802.