FHA Loans in Alabama and Mississippi
Home buyers who are looking for an affordable alternative to conventional mortgage financing may discover FHA loans to be the best option for their needs and budget. With a small down payment requirement, reasonable rates and lenient credit requirements, FHA loans are a popular choice among first time home buyers, buyers with less-than-perfect credit histories, and repeat buyers on a budget.
FHA loans may not be the best choice for everyone, but here at The Mortgage Link, we believe our FHA loan program could be well-suited to a variety of borrowers. Connect with us today to learn more about this program.
Call Us today at (205) 495-0313
Why Consider an FHA Loan?
- 3.5% down payment
- Qualified gifted funds are allowed
- Up to 6% seller paid closing cost
- Primary residence only
- DTI may exceed 50% on case by case basis
- No area restrictions
- No trade lines requirements
- Requires upfront and monthly mortgage insurance
- Maximum loan limits depend on county stipulations
- Required inspections: 4 part water test if private and pest inspection (no other inspections unless noted by the appraiser)
- Any safety issues noted by appraiser must be cleared prior to closing
- Escrow for repairs allowed on a case by case basis
- Well inspection
Contact us today to see if a FHA loan might be the right fit for your next home purchase in Alabama. We also offer FHA streamline and FHA cash-out refinancing to qualifying individuals.