Alabama Mortgage

Tools to Getting an Alabama Mortgage

In America today, more people all across the country are choosing to own their homes rather than renting them. There are many factors to consider when you decide to travel down the road to homeownership. For many people, the difference between being able to own their home and having to rent is due to having to save money for a down payment. This seems to be the case especially states with high levels of low-income families, and in southern states that have a more rural population, like the state of Alabama.

No-Money Down Programs

One way the state of Alabama helps its residents to purchase their own homes is by offering a variety of programs that let one purchase without having to surrender a down-payment. The three most common programs are the HART, Nehemiah, and Neighborhood Gold programs. These programs are designed to help establish a first time homeowner’s mortgage, without assessing many specific closing costs or charging a down payment, which can ultimately make the process more affordable. That is not to say that it is free money for which everyone qualifies, or that the residents are not responsible for paying their own mortgages. With each program there is an application process to screen applicants, and if they qualify, they are made aware of all the rights and responsibilities of the program. This affords hard working people the chance to own a home without endangering their financial future.

Alabama Housing Authority

The Alabama Housing Authority Association is very involved with helping the people of Alabama to purchase a home, and it does not neglect low-income families in that process. The Association offers educational seminars to all potential homeowners of all types, to help increase awareness about owning your own home. They are also linked with a long listing of lending associations to help residents of all types find the best mortgage for them. For lower income families, the Association seeks to provide some assistance programs, homeowner vouchers, and less expensive, public housing that are perhaps more affordable than other homes. Regardless of financial capabilities, if a resident is serious about owning a home in Alabama, the state Housing Authority works hard to accommodate their needs.