Zero Down Home Mortgage Loans in Birmingham, Alabama - USDA
Anyone considering purchasing a home in Birmingham, Alabama might want to consider the USDA. The United States Department of Agriculture provides opportunities for home ownership to families that live in rural areas. Don't let the term "rural" fool you. Many areas surrounding Birmingham, Alabama fit the guidelines for the designation "rural".
The program is called the Housing and Community Facilities Program (HCFP) and it provides financing to families that meet income and location requirements. Income requirements take into consideration the number of people in the household, those under the age 18, child care expenses, etc. Visit the USDA website to determine if you meet the income requirements and if the property you are considering meets the location guidelines.
The HCFP program from the USDA is a zero down home mortgage loan and the mortgage term is 33 years (38 for those with incomes below 60% of the median income for the ares and who cannot afford 33-year terms). Loan applicants may have an adjusted household income up to 115% of the median income for the area. The applicant must also have a reasonable credit history. This program even provides financing for Manufactured housing and home repair. Manufactured homes must be permanent and meet the HUD Manufactured Housing Construction and Safety Standards.
If you or someone you know is interested in a Zero Down home mortgage loan and want to know more about the USDA's Housing and Community Facilities Program, please feel free to contact me at Home Town Mortgage. I can help determine if the property you are considering fits the location guidelines and whether or not you meet the income requirements. If this program is not a good fit for you, I will work hard to find a program that is. I will be happy to look at your situation and help determine the best way to meet your needs
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