American homeowners nationwide are coming out from underwater mortgages. Alabama, like many states, is no exception to this positive trend. Only 6.5 percent of mortgaged properties in the state are underwater, compared to the 8.7 percent national statistics. Alabama currently has around 406,000 mortgaged properties, according to CoreLogic, with only around 26,000 currently in negative equity.
Millennials and first-time home shoppers carrying student debt could face more hurdles qualifying for a mortgage, with new FHA rules for deferred student debt and down payment gifts.
The Mortgage Bankers Association launched a set of resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new Know Before You Owe or TILA/RESPA Integrated Disclosure regulations that go into effect on Oct. 3. These new regulations require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed. It is the intent of these resources to help educate consumers, industry partners and service providers and to speed the process of these transactions. The resources comprise several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language.
The Alabama Housing Finance Authority is celebrating 15 years of its Step Up program, AHFA’s flagship homeownership program. Step Up began on September 8, 2000, and made Alabama the first state to provide this type of innovative financing and down payment assistance for moderate-income homebuyers.
The Alabama Center for Real Estate's July residential sales report states that Alabama home sales for the month exceeded 5,000 units for first time since July 2007. This year, Alabama residential sales totaled 5,293 units for July, an increase of 19.8 percent growth from the same period a year earlier. Sales are 40.2 percent above the July five-year sales average('10-'14) of 3,779 units. Year-to-date sales through July are up 14.4 percent from 2014.