Loan & Financing Resources
VA Loans
As a veteran I understand the process of getting a va loan can be confusing. It is important to remember that the process can be a little longer than that for a conventional loan. However, in the long run a VA loan can be beneficial to those with little or no down payment. Keep in mind that there will be a fee for using the loan that is non refundable and may change if you decide to use your loan eligibility later. This fee largely depends on your veteran status. Follow the link below to the specifics.
FHA Loans
FHA loans are a great way that many new home buyers to get into a home with a small down payment. Also depending on your situation you may also be able to get a small loan that rolls together allowing you to come to the closing table with nothing down as well. FHA loans typically will include PMI so remember to budget this into your monthly payment expectations. Loan requirements and specific information can be found at the links below.
USDA Loans
USDA Loans are a special loan for those that live in areas designated as rural. In the Birmingham area, some of the areas outside of the core urban are eligible but a property must be located in the designated areas. Check the property maps below to see if your ideal property is in the required area. Access to a USDA loan is a great resource because they are often the lowest cost loan available and can qualify for as low as zero down.
Conventional Loans
Conventional loans will in most cases be the most difficult to qualify for from an income and credit standpoint. They will also usually require 20% down to avoid mortgage insurance. That being said, they are typically the quickest to close and have fewer inspection and paperwork requirements. For those that can qualify, a conventional loan can also offer more flexibility than other options which have requirements set by the USDA and FHA.
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