Direct Alabama FHA Home Mortgage Loans
Your resource for Federal Housing Administration-Alabama FHA home mortgage loans and refinance.
Need an Alabama FHA Home Mortgage Loan?
To find out if you qualify for a FHA-insured mortgage loan, apply online now and a housing counselor or lender will look at certain information about your income and spending to determine if you qualify.
Alabama FHA program opens up opportunities that conventional mortgages do not offer:
- Expanded Debt Ratios to 29%/41%
- Non-traditional credit history is considered
- Expanded credit criteria.
- All of the down payment may be gifted
- Seller may contribute up to 6% toward the closing costs.
- Non-occupant cosigners are allowed.
- 401-k loans are not counted in the debt ratios.
Many people in the United States dream of owning their own homes, but few are able to pay cash for them. Many individuals and families who could not otherwise afford to own a home become homeowners with the help of the Federal Housing Administration mortgage insurance programs. This could be your key to home ownership. The FHA program offers many benefits not found in conventional programs.
you may qualify If you are:
- buying a home
- refinancing a mortgage for a home you already own
- making home improvements
In fact, almost anyone who has a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for this mortgage. There is no upper age limit and no certain income level required, although individual mortgage amounts are limited by law. Generally, homebuyers must live in the home in order to get this loan. The program is not open to investors.
The Federal Housing Administration was established to encourage home ownership throughout the country with the belief that home ownership increases the stability of a community. Prior to the creation of the FHA, large down payments were required to secure a home mortgage loan. At present, a minimum of 3% investment is required by the borrower for the purchase of a home. As an incentive to investors who purchase mortgage loans, FHA insures the loan against default, should the borrower fail to repay. FHA guidelines also allow for greater flexibility with regards to credit history and qualifying ratios.
The FHA Alamama Home Mortgage Loan program opens up opportunities that conventional mortgages do not offer:
- Minimal Down Payment and Closing Costs
- Down payment less than 3% of Sales Price
- 100% Financing options available*
- Gift for down payment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
- No minimum FACE score or credit score requirement.
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure.
- Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher Debt Ratio's than other home loan programs.
- Less than two years on the job is allowed.
- Self-employed individuals O.K.
These advantages of the FHA Alabama Home Loans has made it one of the best options for most first time home buyers as well as move-up home buyers.
As professionals in the mortgage lending industry, we've built our reputation on providing outstanding service to our clients. That means you can count on us to always look out for your best interests, and to keep you informed throughout every step of the lending process. Please don't hesitate to call if you have questions about the information you find here on our web site.
If you would like more information, give us a call 808.357.5326.