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Alabama
Virginia
First Time Home Buyer
 Alabama
is one of the most affordable places to live with a median home price of
$120,000 and 2nd lowest property tax rate in the country. Home prices
have held up better than the rest of the nation despite the financial crisis.
The Alabama first time home buyer stimulus package is helping with home sales
and the market is starting to stabilize throughout the state.
Alabama First Time Home Buyer Stats
| Average Home List Price |
$260,399 |
| Foreclosure Rate |
1 in 199 Homes |
| Average Rent-Birmingham |
$750-You could purchase $120,000 home with same payment |
| Unemployment Rate |
10.6% |
Special
Programs
The My Community Alabama First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12
months to qualify.
Alabama First Time Homebuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.
FHA Single Family Mortgage Limit is $271,050 for most counties in Alabama. Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Montgomery |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Birmingham |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Tuscaloosa |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Huntsville |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Alabama USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
all counties is $73,600.
List of INELIGIBLE COUNTIES: Autauga, Baldwin, Calhoun, Colbert,
Dale, Elmore, Etowah, Henry, Houston, Jefferson, Lauderdale, Lee, Limestone,
Madison, Mobile, Montgomery, Morgan, Russell, St. Clair, Shelby, Talladega, and
Tuscaloosa.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
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