First Time Home Buyers in Florence
Imagine life in the Shoals. This unique region of Alabama is a thriving economic hub abounding with opportunity. At the same time, it retains its laid-back, Deep South character. Striking this perfect balance, it makes for a wonderful area to buy your first home.
What Should You Know About Buying Your First Home in the Shoals?
The Shoals is split between Lauderdale and Colbert counties, and is known formally as the â€śFlorence-Muscle Shoals Metropolitan Area.â€ť Also called the â€śQuad-Citiesâ€ť or â€śTri-Citiesâ€ť region, its principle communities are Florence, Muscle Shoals, Tuscumbia, and Sheffield.
As a first-time home buyer in this area, you benefit from the regionâ€™s affordable cost of living. Housing is one of the areas where you can expect to save money compared to the US average.
While the median home cost varies from community to community, you will discover it is relatively low across the board. In Florence, for example, the median cost to purchase a home is around $113,700. In Tuscumbia, it is even lessâ€”around just $99,500.
This is, however, a growing metropolitan area. That means that you have a chance to purchase a home affordably now, but it can serve as an investment in your future.
First Time Home Buyer Programs in Florence
Even with the relatively low cost of housing in the Shoals, many first time home buyers are looking for assistance qualifying for a competitive mortgage. Thankfully, there are programs to help.
Programs Available at the State Level
- Mortgage Credit Certificate (MCC): This program is offered through the Alabama Housing Finance Authority and is available only to first time homebuyers (if you are a repeat buyer but havenâ€™t owned a home in the past three years, you also may apply). If you are eligible, you can receive a tax credit each year. Credit rates range between 20-50% and depend on the amount of your mortgage. You can qualify for the certificate with a conventional fixed rate loan, or an FHA, VA, or Rural Development loan. Privately insured loans are acceptable as well.
- Alabama Step Up: Also offered by the Alabama Housing Finance Authority, this is a program geared at home-buyers with low or moderate incomes. It provides 3% down payment assistance and can be used with a conventional or FHA home loan.
Programs Available at the National Level
- FHA: As a first-time home buyer, one of the best programs you can take advantage of at the national level is the FHA loan program. When you take out this type of loan, it is insured by the Federal Housing Administration (FHA). The down payment can be as low as 3.5%. You can qualify even if you are still working on building up your credit score.
- Â VA: For veterans, active duty service members and eligible spouses, a VA loan opens the door to an affordable mortgage with zero down payment. This program is insured by the Department of Veterans Affairs. You do not need to purchase private mortgage insurance (PMI) with a VA home loan.
- USDA: There are many opportunities in the Shoals area to purchase a home which is eligible for financing through the USDA home loan program insured by the US Department of Agriculture. First time home buyers with USDA loans may be eligible for zero down payment.
Why Work With Prime Mortgage Lending?
Here are a few reasons to apply for your first home loan through Prime Mortgage Lending:
- Â We have nearly 2 decades of experience in the mortgage industry, with solid roots in the Shoals community. We know this real estate market inside and out and can process your first time home buyer application rapidly and smoothly, getting you into your first home fast.
- Â Around 95% of our business is with customers who are applying for FHA, VA, and USDA home loans. We are experts in the qualifications and benefits of these programs and can quickly assess your eligibility and walk you through the application steps.
- Â Every step of the way, we strive to keep you up-to-date with the progress of your application. If you have questions at any time, you can reach us 7 days of the week.
- Â This is only the beginning of your journey as a homeowner. By putting your satisfaction first at all times, we strive to make it only the beginning of a long-term relationship with you as well.
Apply Now for Your First Mortgage in the Shoals
Your first home in Florence, AL or elsewhere in the Shoals region is waiting for you. Let’s get you into your dream home quickly and affordably. Please give us a call today at (256) 690-5132 to schedule your consultation.