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Nancy Hinger Huntsville Office Contact Information Office: (256) 539-9538 Cell: (256) 508-1819 Fax: (256) 539-9595 Email: nhinger@newsouthfederal.com

Alabama mortgage Loans JOHN H. TATE , ARML Branch Manager Office: (256) 713-2000 Direct: (256) 652-5340 Fax: (256) 713-2003 Address: 2004 Poole Dr. (Suite-B) Huntsville, AL 35810

Alabama Mortgage - What to Expect When Buying a Home in Alabama By Jessica Elliott

Maybe you’re buying your first home in Alabama, or perhaps you’re relocating to Alabama from another state. Either way, it’s important that you educate yourself on Alabama home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in Alabama:

The average price of a home in Alabama in October of 2005 was $147,678, and homes in Alabama appreciate at one-half of the rate of the average national home appreciation. The rate of job growth in Alabama is equal to the national average. However, income levels in many parts of Alabama are too low to purchase a median-priced home with a conventional loan.

Alabama is a non-community property state. This means that married persons do not have to include their spouse’s income and liabilities on their mortgage if they choose not too. Home buyers can simply leave their spouse’s name off of their application. Additionally, Alabama has a Fair Housing Act that prohibits housing providers from declining housing to anyone based on their race, color, religion, gender, or national origin.

If you’re buying a home in the state of Alabama, you qualify for both federal and state FHA and VA loans. First-time home buyers qualify for Alabama FHA loans with below-market interest rates, and, depending on their income, may also qualify for down payment assistance. Additionally, Alabama’s Step-Up program offers down-payment assistance to home buyers with moderate incomes.

Access Alabama is a state program that makes mortgages more affordable for both disabled residents and residents with a disabled person in their care. Through this program, Alabama residents with disabilities can get technical assistance with the home-buying process and assistance with down payment and closing costs.

Alabama also offers Mortgage Credit Certificates to first time home buyers. Mortgage Credit Certificates help first time home buyers manage the costs of purchasing their first home by reducing the amount of federal income tax that they’re required to pay.

Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Alabama Mortgage Rates and Loans.

Alabama Mortgage Loans

A famous state filled with picturesque scenery for healthy living, Alabama is home to some of the best universities, health clinics, and all modern amenities in the United States. Alabama offers plenty of opportunities to reflect upon and enjoy life, a reason why more and more Americans are relocating to this wonderful state.

If you are planning to settle down in Alabama, the first thing you would require is an Alabama mortgage loan. You can search for various real estate firms offering Alabama mortgage loans on the Internet. Interest rates charged on Alabama mortgage loans are usually same throughout Alabama, but what differ is service and experience. Experienced real estate agents and private mortgage companies offering Alabama mortgage loans will update you with everything required to make your home buying experience as sweet as possible. Some relatively new comers may evade some expenses initially to give you a feeling that they are less expensive. What you need is a careful decision to choose the best institution offering Alabama mortgage loans that suit your individual needs.

An experienced real estate broker or firm would help you obtain a real estate mortgage loan from a lending firm. Based on their experience in Alabama mortgage loans, they would explain everything involved in buying a real estate, starting from the down payment, to monthly expenses, and interest rates. Some real estate agents would also help you to find the perfect real estate based on your budget, record the sale deed, and other documents, and even close the deal for you.

A good credit rating helps your chance of getting a favorable mortgage loan. For example, if your planning to apply for an Alabama mortgage loan, make sure that you start improving your credit rating if it has some patches. This is because any lender will look at your credit history before offering your Alabama mortgage loan. Better your credit history, better your chance of getting a favorable loan. Last but not the least, talk to several lenders before finalizing any one. this information would help you compare costs, interest rates, and even bargain to get the best deal.

Myself webmaster of http://www.castlemortgagegroup.com 

No mortgage crisis here Decatur’s housing market unaffected by national increase in foreclosures

By Evan Belanger evanb@decaturdaily.com · 340-2442

As news of Wall Street’s mortgage crash stunts housing markets across the nation, Decatur’s local home market remains unscathed — at least for the moment.

Since late last year, the U.S. mortgage market has seen an alarming increase in foreclosures.

Analysts say lenders have invested too heavily in the high-yield, high-risk sub-prime mortgage market — a business that typically caters to those who can’t afford mortgages — and now they are paying the price.

As lower start-out interest rates expire, would-be homeowners are defaulting in unprecedented numbers. That means more foreclosed properties are hitting the open market than ever before. The increasing supply is pushing fair-market prices down; lenders are finding it difficult to get their money back from the repossessed homes.

More than two dozen sub-prime mortgage companies have called it quits or filed for bankruptcy, pulling more than $6.5 trillion from the marketplace.

Experts say the crash could stagnate the housing market, forcing an increase in interest rates and negatively impacting other parts of the economy.

Despite the ominous predictions, Decatur’s market was steady as July ended. Local foreclosures for the month were down 6 percent from the same month last year and down 29 percent from July 2005.

Kim Hallmark, president of the Morgan County Association of Realtors, said home values are also holding steady when compared to previous years.

Philip Shelton, president of the Greater Morgan County Home Builders Association, said available interest rates for qualified borrowers continue to be low, about 6.5 percent.

“It’s my impression that we’re not as affected here, and that’s usually the case,” he said. “Typically, Decatur is a very conservative building area.”

All those factors reflect well on the Decatur area, said Barry Morris, economics chairman for the University of North Alabama in Florence. It could mean that local lenders have been more responsible with their money, investing less in the sub-prime market, Morris said.

“My feeling is that the whole crisis, such as it is, is being overblown, and that it will simply work itself out over time,” he said.

Morris also pointed out that economically North Alabama is doing well compared to the rest of the country, which could be driving the local home market despite the crash.

In recent weeks, two foreign companies, Thailand-based Indorama Polymers Group and Canada-based National Steel Car Limited, announced they will build plants in North Alabama, spending $510 million and employing more than 1,900 people.

The incoming plants are expected to further increase the demand for local housing.

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In addition, nearly 10,000 more people are expected to move into the Huntsville area by 2011, part of the government’s Base Realignment and Closure program

Morris said all of the factors will likely power the local economy through any slouch in the national economy.

“We happen to be in a part of the country that was in the economic doldrums with a high unemployment rate for a long time,” Morris said. “Now, our economy is starting to be healthy again.”

Despite the positive economic indicators, there is still one sign that Decatur’s housing market may be slowing.

According to the Decatur Building Department, permit applications for new homes and condominiums dropped 30 percent from 2004 to 2006. That compares to a 48 percent increase in permit applications in Huntsville for the same time period.

Much of that increase is attributed to BRAC.