| Maybe you're buying your first home in | | | | Alabama, you qualify for both federal and |
| Alabama, or perhaps you're relocating to | | | | state FHA and VA loans. First-time home |
| Alabama from another state. Either way, it's | | | | buyers qualify for Alabama FHA loans with |
| important that you educate yourself on | | | | below-market interest rates, and, depending |
| Alabama home loans before shopping for a home | | | | on their income, may also qualify for down |
| and mortgage. This article explains what | | | | payment assistance. Additionally, Alabama's |
| you'll need to know before buying a home in | | | | Step-Up program offers down-payment |
| Alabama: | | | | assistance to home buyers with moderate |
| | | | incomes. |
| The average price of a home in Alabama in | | | | |
| October of 2005 was $147,678, and homes in | | | | Access Alabama is a state program that makes |
| Alabama appreciate at one-half of the rate of | | | | mortgages more affordable for both disabled |
| the average national home appreciation. The | | | | residents and residents with a disabled |
| rate of job growth in Alabama is equal to the | | | | person in their care. Through this program, |
| national average. However, income levels in | | | | Alabama residents with disabilities can get |
| many parts of Alabama are too low to purchase | | | | technical assistance with the home-buying |
| a median-priced home with a conventional | | | | process and assistance with down payment and |
| loan. | | | | closing costs. |
| | | | |
| Alabama is a non-community property state. | | | | Alabama also offers Mortgage Credit |
| This means that married persons do not have | | | | Certificates to first time home buyers. |
| to include their spouse's income and | | | | Mortgage Credit Certificates help first time |
| liabilities on their mortgage if they choose | | | | home buyers manage the costs of purchasing |
| not too. Home buyers can simply leave their | | | | their first home by reducing the amount of |
| spouse's name off of their application. | | | | federal income tax that they're required to |
| Additionally, Alabama has a Fair Housing Act | | | | pay. |
| that prohibits housing providers from | | | | |
| declining housing to anyone based on their | | | | Jessica Elliott recommends that you visit |
| race, color, religion, gender, or national | | | | |
| origin. | | | | Mortgage Lenders for more information about |
| | | | |
| If you're buying a home in the state of | | | | Alabama Mortgage Rates and Loans. |