Courtesy of USDA Loans Direct.com, the ready conveniences you get from Rural Development (RD) can go even a notch higher. We have an online presence from Montgomery to Perry and from Winston to Tuscaloosa, all areas in need of USDA mortgage Alabama. While in whichever county of this exotic state, why not contact us right away and discover the best options!
Indeed Alabama has been one of the luckiest states in recent memory as far as the RD program is concerned. 2009 saw the chipping in of American Recovery to instill even greater accessibility to USDA mortgage AL, which has the following options.
- Direct program.
- Guaranteed scheme.
Why Choose the Direct Program
USDA mortgage Alabama gives you a lot of breathing space because of the following items that are unavailable in the Guaranteed or any other government program:
- Since any credit from the Rural Development tags on an Area Median Income (AMI), here you only require 50 percent of the same to qualify.
- Moderate-earners who only meet their AMI by a margin of 80 percent also qualify.
Why Choose the Guaranteed program
The United States Department of Agriculture has all low and medium-earnings’ groups covered with the Guaranteed USDA mortgage Alabama program. Here are the main reasons:
- As long as you meet the 115 percent AMI threshold, you can get the loan.
- Your credit-to-income ratio should be within the margins that Rural Development has set. Housing costs and property taxes should not exceed 29% of your earnings. Furthermore, all your debts, including housing and credit card expenses should be under 41% of income.
Indeed, USDA mortgage AL imposes no property maximum but puts a cap on the Area Median Income or the amount each family requires to earn as a slightly higher proportion of its county’s median per capita.
Do you live in any non-metro area of a city? Chances are that you also qualify. Here are two facts you need to know about limits:
- Virtually all counties in the state have a base limit of $73600.
- All counties feature an upper limit of $97150.
Thus, if you are a resident of even the non-metro part of a large city like Birmingham, you can also technically qualify for USDA mortgage Alabama today! RD may consider you a rural resident.
Talk to us today to find out what suits you best in the sing-song ‘Sweet Home Alabama.
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