Mortgage Basics

home loan typesWhen it comes to buying a home and choosing from the many loan types, the thought of borrowing money and the process to make it happen can be daunting. For most people, it’s the single largest purchase they will ever make.

We take the mystery out of choosing the best loan types!
Call today for a free consultation: (205) 287-2891.

At Birmingham Lending, we have the skills and expertise to custom tailor the most affordable home loan for your needs. Some of the types of home loans include:

  • FHA Loans – FHA stands for Federal Housing Authority. These loans are backed by the government, have a low down payment and are typically easiest to qualify for.
  • VA Loans – VA is an acronym for Veterans Administration. These loans are designated for active and former US Armed Forces members and are backed by the federal government.
  • Conventional Loans – A conventional loan is not backed or secured by the government. Available in fixed and adjustable rate mortgages, the generally have to be under $415, 000 and may require a down payment between 5 and 10%
  • USDA Loans – USDA is short for Unites States Department of Agriculture. This loan type is commonly used for low income borrowers who have favorable credit history and are planning on purchasing a home in a rural area.
  • Alabama Housing Loans – Under the control of the Alabama Housing Finance Authority, the home loan assistance they offer helps with either down payment or a substantial tax credit.

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