Fairhope Mortgage Announces Down Payment Assistance Program

Fairhope Mortgage has announced the availability of a down payment assistance program designed to make purchasing a home more accessible for qualified Alabama buyers. The program has no household-income limits, and borrowers do not have to be first-time homebuyers. Qualified borrowers may receive down payment assistance equal to as much as 5% of the home’s purchase price when using an eligible Federal Housing Administration or conventional mortgage to purchase single-family homes, eligible manufactured or mobile homes, condominiums and townhomes. The program requires a minimum qualifying credit score of 640. Depending on the borrower’s eligibility and applicable program terms, the assistance may be structured as either a forgivable grant or a subordinate second lien on the property. “This program opens the door for many Alabama buyers who earn too much to qualify for traditional income-restricted assistance but still need help managing the upfront cost of buying a home,” said Tom Kalagher, owner and branch manager of Fairhope Mortgage. “It can also help repeat buyers who have the income to afford a monthly mortgage payment but do not currently have enough accessible cash for the down payment.”