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