Sweet Home Alabama. Also known as The Cotton State, The Heart of Dixie and most commonly The Yellowhammer State. Yellowhammers are Alabama’s state bird, the proper name is northern flicker, which you will see year round across AL. First time buyers are seeing amazing opportunity all over Alabama ranging from Vestavia Hills, a Birmingham suburb to Dothan, AL the peanut capital of the world. Huntsville is another city full of favorable options for first time buyers. You cannot forget the option of living in Gulf Shores, AL where seagulls, sea shells and white sand beaches are all available at Gulf State Park at the south point of Alabama.

What Makes People Want To Move To Alabama

There are more than 50 Fortune 500 companies based in Huntsville, Alabama according to Huntsville’s county chamber. You may move to Alabama for one of Huntsville’s biggest operations, NASA’s Marshall Space Flight Center along with a U.S. Army instillation. According the Alabama’s labor force, the trades and services such as construction, engine assembly, medical therapists are going up while traditional trades like farming are slowly declining.

Alabama has a hot summer with a very attractive mild winter, the state gets an average of 53″+ inches of rain per year. There are 4 national forests in the backyard of Alabama residents. This includes Bankhead National Forest, Conecuh National Forest, Tuskegee National Forest and Talladega National Forest. In north east Alabama in the Southern Appalachian mountains a favorite spot to escape the summer heat is Little River Canyon National Preserve.

Every November, since 1938, locals and visitors alike honor and celebrate Dr. George Washington Carver’s discoveries and developments in Dothan, AL. This festival is known as the National Peanut Festival, the festival currently goes on for 10 full days which originally in 1938 was only 3 days. Dothan has now been dubbed the  “Peanut Capital of the World”.

2017 First Time Buyer Programs & Loan Pre-Approval In Alabama

Looking for a buyer program specific to AL? If, you’re confused about your options give us a call at (615) 873-0367.

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed

Are you a first time buyer? It doesn’t matter if you’re buying a home New York, Minnesota, Nevada, Alaska, Arizona, Colorado or Utah we can help you get pre-approved!