Friday, April 15, 2011

Alabama Mortgage - What to Expect When Buying a Home in Alabama

Maybe you’re buying your first home in Alabama, or perhaps you’re relocating to Alabama from another state. Either way, it’s important that you educate yourself on Alabama home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in Alabama:
The average price of a home in Alabama in October of 2005 was $147,678, and homes in Alabama appreciate at one-half of the rate of the average national home appreciation. The rate of job growth in Alabama is equal to the national average. However, income levels in many parts of Alabama are too low to purchase a median-priced home with a conventional loan.
Alabama is a non-community property state. This means that married persons do not have to include their spouse’s income and liabilities on their mortgage if they choose not too. Home buyers can simply leave their spouse’s name off of their application. Additionally, Alabama has a Fair Housing Act that prohibits housing providers from declining housing to anyone based on their race, color, religion, gender, or national origin.
If you’re buying a home in the state of Alabama, you qualify for both federal and state FHA and VA loans. First-time home buyers qualify for Alabama FHA loans with below-market interest rates, and, depending on their income, may also qualify for down payment assistance. Additionally, Alabama’s Step-Up program offers down-payment assistance to home buyers with moderate incomes.
Access Alabama is a state program that makes mortgages more affordable for both disabled residents and residents with a disabled person in their care. Through this program, Alabama residents with disabilities can get technical assistance with the home-buying process and assistance with down payment and closing costs.
Alabama also offers Mortgage Credit Certificates to first time home buyers. Mortgage Credit Certificates help first time home buyers manage the costs of purchasing their first home by reducing the amount of federal income tax that they’re required to pay.

Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit: www.wisemortgageinfo.com

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