Apply for an FHA Home Loan in Alabama
Alabama FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Alabama borrowers the opportunity to secure AL home loans, when they don’t quality for other conventional loans. For example, future Alabama homeowners with little credit history or poor credit history are sometimes able to qualify for Alabama FHA loans.
FHA Loans for First Time Homeowners
AL FHA loans are ideal for first-time Alabama homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing your Alabama Home with and FHA Loans
FHA also offers a refinancing option for Alabama homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
Requirements of the FHA Loan Program
- No income limit
- Alabama borrower credit score flexibility
- 3.5 percent down payment on Alabama Purchase Loans
- Bankruptcy: AL FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: Alabama FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
FHA Loan Limits
FHA loan limits in Alabama vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in Alabama), etc. Please contact Home Point Financial’s Alabama FHA loan experts for details on loan limits for FHA loans in Alabama (AL).
Learn more about FHA Loans
Contact Home Point Financial to learn more about FHA Loans in Birmingham, Montgomery, Mobile and throughout Alabama.
