Alabama
USDA Mortgages in Alabama
If you are a resident of Alabama, then you can take advantage of the government approved USDA housing development loan to materialize your long time dream of purchasing a new home for your family. Residents of counties such as Butler, Chambers, Chilton, Convington and others in Alabama have an excellent chance of securing USDA mortgages in Alabama.
USDA Mortgage loans are a special type of assistance program from the US government, which seeks overall development and progress of rural areas.
However, there are some counties in Alabama which may not be eligible for this loan. The counties which are not eligible for USDA loans in Alabama are:
- Autauga
- Baldwin
- Calhoun
- Colbert
- Dale
- Elmore
- Etowah
- Henry
- Houston
- Jefferson
- Lauderdale
- Lee
- Limestone
- Madison
- Mobile
- Montgomery
- Morgan
- Russell
- St. Clair
- Shelby
- Talladega
- Tuscaloosa
To view the complete list of all eligible and non-eligible Alabama counties, please refer to this link: http://eligibility.sc.egov.usda.gov/eligibility/textDiscriptionAction.do?pageAction=oipCounty&stateCode=01
USDA Mortgage loans in Alabama follow some guidelines for the approval and grant of these housing loans. Before applying for this loan you should report your total household income and it should fall under a specific amount depending on which country you are residing. For instance, if you are residing in Walker County, AL HUD Metro FMR area then household income limits for RHS Low Income loan is $37,450 for a 1-4 person household and $49,450 for 5-8 person household. In case of guaranteed loan option, the income limits for 1-4 person household is $73,600 and for 5-8 person household, the income limits is $97,150.
For complete list of income limits, based on your specific county and number of persons within the household, please refer to:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=DirectIncomeLimits&NavKey=incomelimit@11 and
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedIncomeLimits&NavKey=incomelimit@12
USDA Loans
USDA loans are an attractive option when it comes to securing your dream home. Some of the best features of USDA loans are:
- Loans for new as well as existing properties
- No assets are required for qualification
- Credit guidelines are flexible
- No down payment required – You get 100% finance for the loans
- Especially for Alabama, no maximum amount for home loans
Now, as you have gained knowledge and information about the attractive and easy USDA loans in Alabama, we would encourage you to start the process of securing this loan right now! All you need to do is, fill out the form in the right hand side or give us a call at {loadposition phone}.
