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Buying a Huntsville Home? Down Payment Assistance Program

City of Huntsville First time Home Buyer Down Payment Assistance Program
Submitted by: Kimberly Grant, Huntsville Real Estate Agent
Huntsville/Madison AL Real Estate BlogHuntsville Downpayment Assistance Program

Are you looking to purchase your first home in the Huntsville area soon? Well, the city of Huntsville has a Downpayment Assistance Program for first time home buyers that could help make this dream a reality. The goal of the program is to increase the homeownership rate among first time buyers in lower income and minority households.

There are some requirements to Downpayment Assistance Program. There are income limits and the buyer must be purchasing their first home within the Huntsville city limits. There is also a free homebuyer education course that must be attended.

Huntsville Downpayment Assistance

For more information on the complete requirements and details on the program please feel free to contact me Kimberly@KimberlyGrant.info or give me a call 256-479-9664. A member of my team would be happy to discuss the requirements of the Downpayment Assistance Program and how it could help you purchase your first home.

Kimberly Grant
Realtor, Exit Leon Crawford Realty
Search Huntsville Homes for Sale

Posted Sunday Feb 17
( 02/18/08 12:54AM ) — Jennifer Fivelsdal, Rhinebeck NY

Kimberly - I love these local programs, they provide the needed aid to a first time buyer who has good credit and a stable job but found it challenging to come up with a downpayment.

( 02/18/08 09:35AM ) — Cynthia Tilghman, Realtor® Onslow County NC Home Specialist

Hi Kimberly,
I agree with Jennifer these local programs are wonderful and putting the information out there for your locals is great.

( 02/19/08 03:21PM ) — Birmingham Alabama Real Estate, Stephen Wolfe

Kimberly, that is some great information for a lot of potential and future buyers out there! So many of our public are not aware of programs in place for them. Your local area should be thankful for this. By the way,the new pic is great!

( 02/21/08 02:41PM ) — Huntsville Alabama Real Estate Agent, Kimberly Grant

There are a lot of great programs out there.  I spoke with a representative of the program and there is good and bad news.  This is a wonderful way to help families get into their first home.  On the flip side, there is not enough information about the program out to the public.  Since the program started over 4 years ago only 30 have benefited from it.  I hope more people will become aware of it and try to take advantage.

( 02/29/08 10:33AM ) — David Hayes

Kimberly,
That looks like a great local program.   I will be sure to send our customers your way in that area.  Those types of local programs are designed to help people and I think that is a darn good thing.
Can that program be used in conjunction with other programs?
Are you familiar with the new "Earned Income" nationwide programs?  They are the next generation of down payment assistance programs like Ameridream or Nehemiah but don't have the same problem with being a charity and gifting money around.  They are for-profit companies facilitating transactions.
These programs provide a way for the buyer to earn the money needed for the down payment and only pay taxes for that money at the end of the year.  The seller gives up some of his unrealized profit and sells the property faster.  You always need a motivated seller willing to accept less than the appraised price.
In todays market where there are lots of sellers willing to give up some profit and lots of buyers that need money for down payment these companies are serving the public good.
Check them out. 
Buyers Account www.BuyersAccount.Com
DP Funder  www.dpfunder.com
David Hayes
I am a little bias.....

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