Alabama provides different types of Mortgage Loan Programs which appear to beneficial and useful. Different types of Mortgage Loans are offered by the state of Alabama and one should be very careful choosing the right kind of Mortgage Loan. The Loan generally differs in the nature, purpose and duration.

The different types of Mortgage Loans present in Alabama are

Fixed Rate Mortgages

This is the most commonly used mortgage program. It is known as the Fixed Rate Mortgage as there is no change in the monthly interest payment and principle for the term of the loan which may be 10-15-20-25-30 year duration.

Interest only Mortgages

This is a short duration type loan and the time span is 6 month-1 year-2 year-3 year-5 year-7 year-10 year.

Bad Credit Mortgage Loan

Sometimes things may happen which are not predictable like certain health problem, a sudden jobless situation and many others. Bad credit Mortgage Loans are offered to those who have had a life circumstance. This loan helps you in your bad days and assists you to get back on your feet again.

Specialty Loan

Alabama also offers some specialty loans

Investment Property Mortgages
No Documentation Loan
Adjustable Rate Mortgages
Balloon Mortgages
Home Equity Loans and Second Mortgage Loans
Construction Loans
Commercial Mortgages
Reverse Mortgage
Stated Income Verified Asset Mortgage Loan-SIVA
No Income Verified Asset Mortgage Loan-NIVA
No Income No Asset Mortgage Loan-NINA
Jumbo and Super Jumbo Mortgage Loans
80/20 Combo Loan- 80/15/5 Combo Loan- 80/10/10 Combo Loan.
First Time Home Buyer Loan
103% mortgage Loan
105% mortgage Loan
107% mortgage Loan
125% mortgage Loan
FHA and VA mortgage loans

Thus Alabama offers different types of Mortgage Loan Programs.