Alabama FHA loans are home loans insured by the Federal Housing Administration which give borrowers the opportunity to secure home loans, when they don't quality for other conventional loans. For example, future Alabama homeowners with little credit history or poor credit are sometimes able to qualify for Alabama FHA loans.

Alabama 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.

Alabama Refinancing with FHA Loans

FHA also offers a refinancing option for Alabama homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.

FHA Loan Requirements - Alabama

  1. No income limit
  2. Alabama borrower credit score flexibility
  3. 3.5% down payment on Alabama Purchase Loans
  4. Bankruptcy: AL FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
  5. Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)

Alabama (AL) 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).

Contact Home Point Financial to learn more about FHA loans in Alabama.