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Auburn Mortgage loans - Auburn AL mortgage quotes
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Auburn Alabama No money down Home Mortgage Loans
On October 1, 2008, the ability to get an FHA loan and have the seller contribute to a down payment assistance program such as Ameridream ends. The passage of HR 3221 by Congress took this feature away, ending the ability to have the seller help a buyer to get 100% financing on an FHA loan. A buyer will now have to contribute 3% towards down payment (3.5% after January 1, 2009) for an FHA mortgage in Auburn.
A lot of potential Alabama buyers are now feeling as if they can't buy a home until they save money for a downpayment. This is NOT the case and if you are wanting to buy a primary home, there are ways that are still available to get 100% financing. These programs require that you qualify for the house, which is a good thing as it won't put people in homes that they can't afford. Your credit history does not have to have been perfect; in fact, Alabama Mortgage companies can finance homes for people with credit scores of 580, and in some cases, even less, as long as we can show a good rental payment history.
You do not have to be a first-time Alabama homebuyer to get 100% financing. However, as a first-time buyer (you haven't owned real estate for the last 3 years), you may qualify for a $7,500 tax credit on your Federal tax returns this year, making purchasing now even more attractive.
How to Purchase a Auburn Alabama Home with no money down
* FHA mortgage with a gift or loan from a family member - you can have a family member loan or gift you the 3% down payment required (the rate for an FHA loan as of Sept 26 is 5.625% for a 30 year fixed rate). There is a maximum loan amount for FHA depending on the area in which you are purchasing.
* VA loan for those who have eligibility for having served in the military (the rate as of Sept 26 is 5.75% for a 30 year fixed rate).
* USDA Rural Housing loan - this program actually has the ability to include your closing costs in the mortgage! There are income and location limitations and many people are surprised to see exactly what areas do qualify! (The rate as of Sept. 26 is 5.5% for a 30 year fixed rate).
Sales prices are low, interest rates are still low, and you can buy a home with a payment as low as $600 so why continue to rent? If you are in your 20's, you can buy a home today and have it paid off when you are in your 50's. Imagine not having to pay rent or a mortgage payment even before you retire!
Auburn Alabama Mortgage Companies
Americas Ez Mortgage
(334) 887-3940
Auburn, AL
Auburn Bank
(334) 821-9200
100 N Gay St
Auburn, AL
Bancorp South Bank
(334) 821-2220
807 E Glenn Ave
Auburn, AL
Benchmark Mortgage
(334) 502-5200
771 Millers Point Rd
Auburn, AL
1 yr jumbo ARM
3/1 jumbo ARM
3/1 jumbo ARM
7/1 jumbo ARM
7/1 jumbo ARM
2/28 ARM
3/27 ARM
40 yr fixed mtg
30 yr fixed mtg
15 yr fixed mtg
1 yr ARM %
30 yr fixed jumbo mtg
30 yr FHA mtg
5/1 ARM
5/1 jumbo ARM
3/1 ARM
7/1 ARM
10/1 ARM
15 yr fixed jumbo mtg
10 yr fixed mtg
20 yr fixed mtg
3/1 ARM (interest only
5/1 ARM (interest only)
5/1 jumbo ARM (interest only)
7/1 ARM (interest only)
