Construction loans are used to finance the construction of a new structure. If you’re interested in building a brand new home for you and your family we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.
We look forward to your questions about construction loans. Please call us to find out more.
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
Like FHA loans, VA loans are private loans insured by the Federal Government. VA Loans are only available to qualifiied military veterans and their families. The loans are for primary residences only. There is no limit on the number of times you can use a VA loan, in fact, it is posssible to have more than 1 VA loan at a time. Call 256-658-0432 with any questions.
A jumbo loan, or non-conforming loan, is a home loan for amounts higher than $726,200. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. Because jumbo loans have higher balances, underwrtiting guidelines are stricter. they require higher credit scores. Learn more about jumbo loans by contacting us today.
The following is a partial list of programs offered by www.northalabamahomeloans.com with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 256-658-0432.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.