It is "Thrilling"  to help you with any government loan program plus we have other options like Conventional and Jumbo Home Lending Programs that may be a better fit. We'll make it very simple showing you your best option given you situation. 
 FHA loans

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FHA loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

  • Only a 3 percent down payment is required.
  • Closing costs can be financed.
  • Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
  • More flexible underwriting criteria than conventional loans
  • FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
  • Loans are assumable to qualified buyers.

 VA Loansleft

VA guaranteed loans are made by approve lenders like First Equity Home Loan, Inc.and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. This is our favorite lending program because our Veterans and eligible service members have the best lending terms in America. Our Veterans deserve the best. We work hard daily to make VA lending in Alabama the very best in America. 888-288-1119

Other benefits of a VA loan include:

  • Negotiable interest rates.
  • Closing costs are comparable and sometimes lower - than other financing types.
  • No private mortgage insurance requirement.
  • Right to prepay loan without penalties
  • The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program.

 USDA Zero Down- we have a buzzillion eligible properties in Alabama perfect for this popular home buying solution that offers a no down payment option. We do a bunch of these all over our state. It's easy to buy with zero down in Alabama. Get started with a Licensed Mortgage Expert working with Home State lender First Equity today.


 

 

 Gadsden 256-543-0670
Fort Payne 256-364-8300

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 4.53% 4.57%
15-yr Fixed 4.01% 4.08%
1-yr Adj 3.87% 3.9%
* national averages