The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you are in Alabama and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for an Alabama FHA loan and ensure that you qualify for it.
Qualifying for an FHA loan in Alabama isn’t that hard. You just a down payment of 3.5% of the total loan amount and have a credit score of at least 640. Ideally you want your scores at 660 or higher so you can qualify for the best rate and the lowest payment. But that will depend on your credit history and other outstanding factors, something that Moreira Team can gladly help you with.
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Other than a good credit score and down payment requirements, Alabama FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
In Alabama, the base maximum limit for FHA loans for a single-family is $356,362. So no matter what part of Alabama you are in, if you need help applying for an FHA loan, Moreira Team can help. Give us a call or apply today.
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