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Mortgage Loan Programs in Alabama

EconomyWatch

Last Updated: 18, May 2021

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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

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.

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