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There are some excellent home financing options out there that many buyers do not know about, and every buyer wants the best financing possible.  One loan program which offers 100% financing with no mortgage insurance is a Rural Development Loan.  Now, stick with me, because you may be pleasantly surprised to find some of the areas that qualify are not "out in the sticks" so to speak.  In Birmingham, Alabama, areas that qualify for this loan include St. Clair and Shelby Counties. 

I recently helped a young first time home buyer purchase a townhome that qualified for this loan.  She got 100% financing, the seller paid almost all of her closing costs, and her payments were low since she had no mortgage insurance required.  Now, for an explanation of mortgage insurance.  Mortgage insurance, sometimes called PMI or MIP, is a required fee when the buyer does not put down 20%.  It makes the mortgage payment go up a little, so this rural development program keeps your payments lower, and requires less out of pocket, making it an excellent program for first time home buyers.  This loan does have income limits:  1-4 in household $73,600 and 5-8 in household $97,150.

If you need help with real estate, click to Get In Touch With Me or any one of our Excellent Action Agents, and we will be happy to help you.

Sherri Elkins, Realtor
Action Real Estate
Birmingham, AL & Surrounding Areas
Office (205) 253-1900
Fax (205) 263-1955
Direct (205) 240-5522
www.SherriElkins.com