FHA Loans for Alabama residents can help both first time and repeat homebuyers. FHA which stands for Federal Housing Administration insures loans for owner occupied 1-4 unit, condos and PUDS and is part of the Department of Housing and Urban Development (HUD). If you are considering purchasing or refinancing your home with the most flexible terms available then an FHA 203k loan can give you even more options.
An FHA 203k loan will allow you to buy or refinance a property in it’s present condition and turn it into the home you always wanted with just one mortgage loan. You will have a choice of either the FHA 203k streamline for home improvements under $35,000 without any structural changes or the full 203k version for your larger projects over $35,000. This type of FHA loan is completed in one closing with payment terms up to 30 years and can be done with as little as 3.5% (three and a half percent) down payment or with very little equity.
To get started or to find out more contact me
(904) 294-7311
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