You might be moving to Alabama from another state or buying your first home in Alabama. No matter what, you should learn about Alabama home loans before you look for a house and a mortgage. This article tells you everything you need to know about buying a home in Alabama:
In October 2005, the average price of a home in Alabama was $147,678. On average, homes in Alabama appreciate at half the rate of homes across the country. Alabama has the same rate of job growth as the rest of the country. But in many parts of Alabama, people don't make enough money to buy a median-priced home with a traditional loan.
Alabama is a state that does not share property. This means that people who are married don't have to include their partner's income and debts on their mortgage if they don't want to. Couples who want to buy a home can just leave their partner's name off of the application. Also, Alabama has a law called the Fair Housing Act that says landlords can't turn anyone down for housing because of their race, colour, religion, gender, or country of origin.
You can get FHA and VA loans from both the federal government and the state of Alabama if you want to buy a home there. First-time home buyers in Alabama can get FHA loans with interest rates that are lower than the market rate. Depending on their income, they may also be able to get help with their down payment. Also, Alabama's Step-Up programme helps people with moderate incomes pay for their down payments.
Access Alabama is a state programme that helps disabled people and people who care for disabled people afford their mortgages. Through this programme, Alabama residents with disabilities can get help with the technical side of buying a home, as well as help with the down payment and closing costs.
Alabama also has Mortgage Credit Certificates for people who are buying their first home. Mortgage Credit Certificates help first-time home buyers cover the costs of buying their first home by lowering the amount of federal income tax they have to pay.
