The great state of Alabama has a lot to offer potential homebuyers, but AL is perhaps best known for college football. It's no secret Alabamians take their football very seriously, and if you’re a football fanatic, buying a house in the Heart of Dixie is a no-brainer.
Unfortunately, the home financing process isn’t always as straightforward as finding where you want to live, and many Alabamians are left puzzled when it comes time to pick the right home loan. This is where Alabama FHA loans come in. Take a look at the information below to see if an FHA loan is the right option for you.
Whether you’re looking to purchase a home in Birmingham, Mobile, Montgomery or Huntsville, choosing a reliable mortgage is an important decision. Many residents of Sweet Home Alabama chose an FHA loan, and as of April 2019 the total value of FHA loans in Alabama was $181 million!
While there is a maximum loan limit on Alabama FHA loans, the goal of the program is to ensure most people can qualify for the loan and purchase a house, regardless of the area in which they live. The maximum loan limit typically varies from location to location and is adjusted every year. For example, for most of Alabama the loan limit is $314,827, but if you are purchasing a home in Tuscaloosa the limit is $331,200. Check out the table below for a full list of loan limits in Alabama for 2019.
|County||FHA Loan Limit|
|All other areas||$314,827|
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.