VA MORTGAGE LENDERS ALABAMA 
Bad Credit Alabama VA Mortgage Lenders

ALABAMA mortgage lenders.com specializes in good and bad credit VA mortgage loans even no credit score ALABAMA VA loans in every city and county in ALABAMA. VA mortgages are guaranteed by the Department of Veterans Affairs (VA). These Alabama VA mortgage loans were established to provide transition assistance and other benefits to men and women who served or are serving in the Armed Forces of the Nation. This includes the Army, Navy, Air Force, Marines, Reservists, National Guardsmen, and certain surviving spouses. Also, if you are a disabled veteran, you may qualify for additional ALABAMA VA mortgage benefits. Including reduced or elimination of ALABAMA property taxes. We are proud to provide 100% Bad credit ALABAMA VA mortgage approvals down to 550 fico score va purchase or ALABAMA VA mortgage refinance!

ALABAMA VA mortgage benefits that only come with a VA mortgage:

• Easier qualification standards
• Less strict credit and income standards
• 100% Financing = No down payment required.
• Bad Credit Score VA loans Down to 550!

The VA Mortgage guaranty program does not impose a maximum amount that an ALABAMA veteran may borrow using a VA Mortgage but the ALABAMA VA Loan limits the maximum guaranty amount to$424,100.

VA HOME BUYER LOANS or VA MORTGAGE REFINANCE 

VA Mortgage Lenders Serving Every City and County in ALABAMA!

 SAME DAY APPROVALS! CALL NOW 954-667-9110

ALABAMA VA MORTGAGE ELIGIBILITY REQUIRMENTS 

You must have suitable credit score MINIIMUM 550, sufficient income, and a valid Certificate of Eligibility (COE) to Qualify  for aanALABAMA VA  mortgage. The ALABAMA home must be for your own personal occupancy. The approval requirements to obtain a COE are listed below for Service members and ALABAMA Veterans, spouses, and other eligible beneficiaries. VA mortgage loans can be used to:

• Buy a ALABAMA home, a ALABAMA condominium unit in a VA-approved project
• Simultaneously purchase and improve a ALABAMA home.
• Improve a ALABAMA home by installing energy-related features or making energy efficient improvements
• Get VA approved to buy a ALABAMA manufactured home w/land lot.
• ALABAMA Eligibility Requirements for VA Mortgage Loans
• Service members and ALABAMA Veterans-  To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below

Alabama VA Mortgage ESTABLISHED TRADELINES

Type of veteran Downpayment Percentage for First time Use Percentage for Subsequent Use Regular Military None 5%or more 10%or more 2.15% 1.50% 1.25% 3.3% * 1.50% 1.25% Reserves/National Guard None 5%or more 10%or more 2.4% 1.75% 1.5% 3.3% * 1.75% 1.5%

Note:In 2011,funding fees were lower from October 1 through October 5,and November18 through November 21. The enactment of Public  law 112-56,signedNovember 21,2011,establishes rates at the levels below throughSeptember 30,2016.Prior to September 30,2016,we will publish updated information on the fees for loans closed after that date.

Cash-OutRefinancing Loans:

Type ofVeteran Percentage forFirstTime Use Percentage forSubsequentUse Regular Military 2.15% 3.3% * Reserves/National Guard 2.4% 3.3% *

Note:Thereare no reduced funding fees for regular refinances based on equity.Reduced fees only apply to purchase loans where a down payment of atl east

5 percent is made.

*The highersubsequent use fee does not apply to these types of loans if the Veteran’s only prior use of entitlement was for a manufactured home loan.

 

VA Status	Qualifying Wartime & Peacetime Periods	Qualifying Active Duty Dates	Minimum Active Duty Service Requirement
ALABAMA Veteran	WWII	9/16/1940 – 7/25/1947	90 total days
	Post-WWII	7/26/1947 – 6/26/1950	181 continuous days
	Korean War	6/27/1950 – 1/31/1955	90 total days
	Post-Korean War	2/1/1955 – 8/4/1964	181 continuous days
	Vietnam War	8/5/1964 – 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961	90 total days
	Post-Vietnam War	5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981	181 continuous days
	24-month rule	9/8/1980 – 8/1/1990 *The beginning date for officers is 10/17/1981	24 continuous months, OR The full period (at least 181 days) for which you were called or ordered to active duty
	Gulf War	8/2/1990 – Present	24 continuous months, OR The full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty	Any	Any	90 continuous days
ALABAMA National Guard & Reserve Member	Gulf War	8/2/1990 – Present	90 days of active service
	Six years of service in the Selected Reserve or National Guard, AND Were discharged honorably, OR Were placed on the retired list, OR Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR Continue to serve in the Selected Reserve

*If you do not meet the minimum VA service service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Spouses The spouse of a ALABAMA Veteran can also apply for home loan eligibility for a VA mortgage under one of the following conditions:

• Un remarried spouse of a ALABAMA Veteran who died while in service or from a service connected disability, or
• Spouse of a ALABAMA Service members missing in action or a prisoner of war
• Surviving ALABAMA spouse who remarries on or after attaining age 57, and on or after December 16, 2003
  (Note: a surviving ALABAMA spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
• Surviving ALABAMA Spouses of certain totally disabled veterans whose disability may not have been the cause of death

BAD CREDIT ALABAMA VA MORTGAGE LIMITS

Although ALABAMA VA mortgage do not have a maximum dollar amount, ALABAMA mortgage lenders who sell their VA loans in the secondary market must limit the size of those loans to the maximums prescribed by GNMA (Ginnie Mae) which is currently 417,000..

100% ALABAMA VA HOMESTEAD EXEMPTION 

Any ALABAMA homestead by a veteran who was honorably discharged with a service-connected permanent and total disability and for whom a letter from the United States Government or VA or its predecessor has been issued certifying that the veteran is totally and permanently disabled is exempt from taxation, provided the veteran is a permanent resident of the state on January 1 of the ALABAMA tax year for which property exemption is being claimed or on January 1 of the year the veteran died.

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BENEFITS OF A ALABAMA VA MORTGAGE LOAN

• No money down for ALABAMA VA loans up to $417,000.
• Seller paid closing cost up to 4%.
• No PMI (Private Mortgage Insurance)
• Government regulated ALABAMA VA loan closing costs.
• VA streamlined refinance loans can be closed in 7 to 14 days
• VA BAD CREDIT ALABAMA MORTGAGE DOWN TO 580 FICO.
• No limit to the number of times a veteran may use a VA mortgage.
• NO CREDIT SCORE ALABAMA VA HOME LOANS USING ALTERNATE TRADE LINES.

In addition to these benefits, the VA Mortgage Loan program offers default assistance to veteran borrowers in financial difficulty through a higher level of service and a greater range of alternatives to avoid foreclosure. Delinquency and foreclosure rates for VA mortgage loans are substantially less because of the VA mortgage protections in place.

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VA ALABAMA MORTGAGE FUNDING FEES

The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The VA mortgage funding fee is added into the VA mortgage amount of the loan to be paid over the life of your VA mortgage loan. The VA mortgage Funding Fee replaces the much higher priced ALABAMA (PMI) Mortgage Insurance required when you get a conventional home loan. Disabled ALABAMA Veteran homebuyers may even qualify to get the fee waived completely.

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QUALIFYING FOR A ALABAMA VA MORTGAGE

The VA offers excellent qualifying standards. The VA does not use credit scoring as their primary analysis of the loan. ALABAMA VA mortgage applicants with some past financial difficulties may still qualify for a VA mortgage loan. The VA mortgage can be a tremendous savings compared to the cost of conventional loans for those veterns with past credit issues.

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ALABAMA VA MORGAGE REFINANING

VA mortgage loans have built in features allowing a ALABAMA VA mortgage to be refinanced to a lower interest rate without all of the criteria normally red tape associated with a conventional mortgage. This is called an Interest Rate Red

.. . 05-10-09 1941 – 1988 Alabama Army Ammunition Plant – Childersburg, AL
04-27-03 1942 – 1945 Anniston Army Air Field – Anniston, AL
04-02-03 1949 – 1952 Anniston Air Force Base – Anniston, AL
Bates Field – Mobile AL
05-10-09 1942 – 1948 Birmingham Army Air Field – Birmingham AL
04-04-07 1938 – 1947 Brookley Army Air Field – Mobile, AL
09-22-02 1948 – 1969 Brookley Air Force Base – Mobile, AL
Camp Rucker – Ozark, AL
08-23-02 Camp Sibert
Childersburg Ordnance Plant – Childersburg, AL
Coosa River Ordnance Plant – Talladega, AL
08-19-03 Courtland Army Air Field – Courtland, AL
09-16-02 1947 – 1977 Craig Air Force Base – Selma, AL
04-04-07 1940 – 1946 Craig Army Air Field – Selma, AL
05-10-09 Demopolis Army Air Field – Demopolis, AL
10-20-09 1959 – 1968 Eufaula Air Force Station – Eufaula, AL
06-22-02 . Fort McClellan – Anniston, AL
10-20-09 Gadsden Ordnance Plant – Gadsden, AL
08-23-02 Gerstle River Test Site
03-13-05 Gunter Air Force Base – Montgomery, AL
09-01-02 Gunter Army Air Field – Montgomery, AL
Huntsville Arsenal
09-27-02 Maxwell Army Air Field – Montgomery, AL
06-22-02 Mobile Naval Air Station – Mobile, AL
05-10-09 Moton Aux Field (Tuskegee) – Tuskegee, AL
09-06-03 Napier Army Air Field – Dothan, AL
05-10-09 Ozark Army Air Field (Fort Rucker) – Ozark, AL
Redstone Arsenal
Reilly Field (Fort McClellan) – Anniston, AL
08-23-02 Theodore Naval Ammunition Magazine
10-20-09 1959 – 1969 Thomasville Air Force Station – Thomasville, AL
Tuskegee Airport – Tuskegee, AL
02-01-03 Tuskegee Army Air Field – Tuskegee, AL
02-05-05 Taylor Field – Montgomery, AL

ALABAMA VA MORTGAGE LENDERS