Special Financing Assistance for Hardest Hit Homeowners in Montgomery, Prattville, and the River Region, AL

By
Real Estate Broker/Owner with Virginia Madden, Buyer's Choice Realty, LLC (Prattville, AL)

Special Financing Assistance for Hardest Hit Homeowners in Montgomery, Prattville, and the River Region, AL

 

Normally I post helpful information about buying homes for sale in Prattville and Montgomery, AL and the rest of the River Region. But today I want to post something a little different that is very important for anyone living in Prattville or Montgomery (or, in fact, anywhere in Alabama) that might help you if you are having trouble making your mortgage payments.

The Federal government previously announced this year that it will be making prattville & montgomery homeowners pay mortgageapproximately $2 billion (yes, that's two BILLION dollars) available to homeowners in Alabama who are unemployed or underemployed and are having trouble making their mortgage payments.  When you first buy your home for sale in Prattville and Montgomery, AL, you go through a process of qualifying for the loan with the mortgage company.  But things can change after you've closed on your loan and moved into your new home.  With the recent changes in the economy, some homeowners have had their hours cut back or even lost their jobs.  And that can make it hard to pay your bills, including your mortgage payment, every month.

Now there's some help.

The Alabama Housing Finance Authority, who will be managing the program, has created a new website where you can apply for this new Federal special financing assistance at Hardest Hit Alabama.  The website has details about the program, including information on how the program works and how to apply.  Basically, the special financing assistance program is an interest-free mortgage that will help you pay your monthly mortgage payment.  There are eligibility requirements for this assistance which include: 

  • Homeowners must be eligible for unemployment assistance through the Alabama Department of Industrial Relations.  Self-employed people aren't eligible.
  • The maximum household income cannot be more than $75,740 per year.
  • Homeowners must owe less than $258,690 on their home loans.
  • Homeowners must live in their house as their primary residence.  Vacation and second homes are not eligible.
  • If you sell your house and make money on the sale, then you may have to pay back some or all of the assistance you received.
  • Homeowners must appy online at the website.  You cannot apply in person or by phone.
  • The total amount of assistance for each homeowner is for up to 12 months or $15,000, whichever is less.
  • If you continue to meet the eligibility requirements while you're receiving the special financing assistance, you won't have to pay the money back.
  • Your original home loan can be through any lender.  The Alabama Housing Finance Authority is managing the special financing assistance program for all eligible homeowners, even if they got their original home loan through another lender.

Special financing assistance for Prattville & Montgomery homeowners

This special financing assistance for hardest hit homeowners in Montgomery, Prattville, and the River Region, AL is not yet available statewide. Keep checking the website for announcements when the special financing assistance will be available in your region of Alabama.

Two billion dollars sounds like a lot of money, but it won't last very long once the special financing assistance program is completely rolled out.  So if you are interested in applying for this special financing assistance for hardest hit homeowners in Montgomery, Prattville, and the River Region, AL, you should go ahead and apply as soon as possible before it's all gone.

Special Financing Assistance for Hardest Hit Homeowners in Montgomery, Prattville, and the River Region, AL

 

Posted by

100% on the buyer's side, 100% of the time!  For the BEST buyer representation, call us at (334) 358-7373!  TheChoiceForMe.com

Virginia Madden Buyer's Choice Realty

 

Virginia Madden

Qualifying Broker/Owner


Buyer's Choice Realty, LLC

696 N. Silver Hills Drive, Suite 115

Prattville, AL  36066

 

 

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Tags:
homes for sale in montgomery
homes for sale in prattville
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special financial assistance
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Ambassador
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Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

Hi Virginia!  This is SUCH important information to share.  Great job!

Jan 12, 2011 12:42 PM #1
Rainmaker
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Virginia Madden
Virginia Madden, Buyer's Choice Realty, LLC (Prattville, AL) - Prattville, AL

Hi Ann, thank you and I agree!  Please feel free to reblog this if you want to.

There are so many homeowners in Alabama who are going to be helped by this new assistance program.  I hoped there would be something on my local news tonight, but they didn't mention it - I was disappointed that the news media didn't seem to think this is important.

Jan 12, 2011 12:53 PM #2
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Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Marysville, WA
Content Marketer, SEO Teacher, Website Fixer

Thank you Virginia for your subscription! I appreciate it! :) I love hearing about new and special finance programs that fit certain folks!

Jan 27, 2011 08:31 AM #3
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