Alabama residential sales during the fourth quarter continued to gradually improve, up 7.5 percent compared to the same period a year earlier, says the Alabama Center for Real Estate. The fourth quarter represents the best performing quarter in 2014 and an improvement over the 3.3 percent growth experienced in the third quarter.
Tighter lending standards by some lenders in the wake of the housing crash are preventing people from getting into homeownership, says the Center for Responsible Lending.
Not true for AHFA. We continue to offer affordable financing to buyers whose incomes can afford a mortgage, but need help with the down payment and closing costs.
To qualify for Step Up's 30-year, fixed rates & down payment assistance, you must buy a new or existing home in Alabama, have an annual household income of less than $97,300, have a credit score of 620 or higher, and apply for an FHA or conventional loan through one of our participating lenders.
The Federal Housing Administration (FHA) announced on January 8 that it would lower the costs of government mortgages by reducing the annual premiums new borrowers will pay by half of a percent (50 basis points) beginning January 26. FHA projects the action will save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.
Predictions for the 2015 housing market are optimistic and forecast a resurgence of first-time buyers.
Lauren and Jeff Larkin purchased a home in Morgan County with the help of AHFA's Step Up program.