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Regions Mortgage
711 2nd Ave SW, Cullman, AL - (256) 737-8819
Mortgage House The
Cullman, AL - (334) 644-2237
Bank of America Mortgage|Mortgage Customer Service
Cullman, AL - (800) 285-6000
Auburn Bank
Cullman, AL - (334) 768-5625
Charterbank
300 Church St, Cullman, AL - (334) 887-2212
K & K Mortgage Company
1203 Main Ave NE, Cullman, AL - (256) 734-0094
U.S. steering $42 million to Alabama to buy foreclosed properties
October 2009
The federal government is pumping about $42 million into Alabama as part of an effort to keep home values from falling due to the national foreclosure crisis.
The U.S. Department of Housing and Urban Development has announced that the state, Jefferson County and Birmingham will receive grants to buy foreclosed homes at a discount, rehabilitate them and sell the homes to eligible families.
The grants are part of HUD's Neighborhood Stabilization Program. Congress approved the money this summer with the passage of the Housing and Economic Recovery Act.
The state of Alabama will receive a $37 million grant. Birmingham and Jefferson County will receive $2.5 million and $2.3 million, respectively.
The grants were awarded based on the number of foreclosures, subprime mortgages, mortgage defaults and delinquencies in states and municipalities. Realtytrac.com, a California-based firm that tracks mortgage defaults, listed the number of foreclosures in Birmingham at 1,095 on Friday.
Alabama was one of 13 states that ranked high on the possibility of homes being abandoned due to foreclosure, according to HUD.
While Alabama did not have the level of speculation that created housing bubbles in places such as Florida and California, it has been affected, said Bill Johnson, director for the Alabama Department of Economic and Community Affairs.
All participating governments must develop an action plan by Dec. 1 and spend the entire grant in 18 months.
Jefferson County officials said they are developing a plan for using the money. The county will likely focus on neighborhoods in unincorporated areas hardest hit by foreclosures, said Frederick Hamilton, community development director.
"Once we find out where these properties are, we will be able to determine what to do with this assistance," said Hamilton.
ADECA is putting together an advisory committee to administer the grant, said Johnson. He said the state will likely use banks and companies already working with low- to moderate-income residents to identify potential families who could benefit from the program.
HUD's stabilization program is similar to a proposal Johnson said he is pushing. He wants to create a state land bank authority, which would have the power to acquire vacant or abandoned properties by waiving tax liens and back taxes, and then sell the houses or properties for potential development.
"This mirrors what we are trying to do," Johnson said. "Hopefully, as we move forward and get legislation passed, we can fold it all in and have one authority to deal with this problem.
Most buyers can still qualify for mortgage
October 11, 2008
To paraphrase Mark Twain, the death of loans and credit have been greatly exaggerated, according to some central Alabama mortgage lenders. Advertisement Quantcast Area mortgage lenders say most potential buyers can qualify for loans -- even some with credit scores as low as 580. Vicki Williams of Anchor Mortgage, Morris A.
Capouano of EquiSouth Mortgage and Steve Kermish of Residential Mortgage say that qualifying for a 30-year, fixed-rate mortgage is possible for most buyers. Credit applicants with lower scores generally must have more bank reserves and lenders still look at debt ratios -- the percentage of income a person spends on debt each month. FHA lending guidelines allow for some buyers with 580 credit scores to purchase homes for as little as 3 percent down, the area lenders said. John Herzog, Vice President/Regional Manager of New South Federal Savings Bank, said that by combining a Federal Housing Authority first mortgage with an Alabama Housing Finance Authority second mortgage, banks can finance purchases up to $250,000 with no money down at 5.875 percent interest with credit scores of 580 or higher.
"No other state in the country has financing with terms this good," Herzog said in a weekly market update. "So we will all have to be louder than the national media." The AHFA makes loans with no required down payment, but those mortgages have additional qualifying requirements. Williams admitted that not every applicant with a 580 will qualify, but she said some will. As the credit score climbs, so does the applicant's chances of getting the loan. Once the credit score reaches the 650 neighborhood, Williams said she was confident she could get the majority of applicants approved.
Capouano said he is unsure of whether mortgages will be more difficult to find a year from now. "Now is a good time to buy," he said. "Now, you can qualify." Jimmy Rutland, executive vice president for Lowder New Homes, agreed that the national focus on the credit crunch doesn't reflect the situation in this area and may be causing some people to be surprised by the financing that is available. He said at the Lowder built development Grand Park in Millbrook there are rural development loans that make 102 percent financing available for many buyers. "They won't have to put down a dime," he said.
The lenders said they rarely make decisions on the mortgage applications themselves. Williams, in fact, said she doesn't even try to guess when turning in an application. "I have been in this for 37 years," she said. "Used to, I could tell right away. Now, I just put it in the computer." A computer system either accepts or rejects a loan based on a number of factors. Williams and Kermish say they go with whatever the computer says, but Capouano said he sometimes declines to issue loans that the computer approves. "I will turn away some people," he said. Williams also said now is a good time for borrowers because interest rates remain well below the long-term average. Borrowers can get mortgages at rates just above 6 percent, she said.
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