Moving Family Forward

FHA Loan in Birmingham, Huntsville & Mobile

For more than two decades, Weber Mortgage has built a foundation of respect and trust with our clients. Our experts offer superior rates and services for VA, FHA, conventional, non-qualifying, and other types of home loans. From the first contact to the final closing, your biggest investment is our top priority. We make your home loan process clear and straightforward.

Among the loan services we offer, the FHA Loan is one of our most popular options for homebuyers in Birmingham, Bessemer, HuntsvilleMobile, and other cities we serve throughout Alabama.

What is an FHA Loan?

A Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an FHA-approved lender. FHA loans are designed for low-to-moderate-income borrowers; they require a lower minimum down payment and lower credit scores than many conventional loans.

What is an FHA Loan

The 5 Types of FHA Loans

  1. Traditional Mortgage: A mortgage used to finance a primary residence
  2. Home Equity Conversion Mortgage: A reverse mortgage that allows homeowners aged 62+ to exchange home equity for cash
  3. 203(k) Mortgage Program: A mortgage that includes extra funds to pay for energy-efficient home improvements intended to lower your utility bills
  4. Energy Efficient Mortgage Program: A mortgage that includes extra funds to pay for energy-efficient home improvements intended to lower your utility bills
  5. Section 245(a) Loan: A Graduated Payment Mortgage (GPM) with lower initial monthly payments that gradually increase (used when income is expected to rise), and a Growing-Equity Mortgage (GEM) where scheduled increases in monthly principal payments result in shorter loan terms
Requirements to Avail an FHA Loan

Requirements to Qualify for an FHA Loan

To qualify for an FHA loan you will need the following:

  • FICO® score at least 580 = 3.5% down payment.
  • FICO® score between 500 and 579 = 10% down payment.
  • MIP (Mortgage Insurance Premium) is required.
  • Debt-to-Income Ratio < 43%.
  • The home must be the borrower's primary residence.
  • The borrower must have a steady income and proof of employment.

Why Choose Weber Mortgage for Your FHA Loan in Birmingham, Bessemer, & Adamsville?

It’s human nature to build a family and every family dreams to have its very own home. Therefore, it’s only natural that professionals with a family-oriented perspective will realize the true passion for every person seeking a home loan. Weber Mortgage is a family-owned company and we know how important it is for you to find the most suitable loan & home that not only meets your desire but also takes care of your financial status. Contact us today or call us at 205-751-8583 to take the first step in making your dream-to-own a home come true. Our services are available in Adamsville, Birmingham, Demopolis, Calera, Echola, and other cities we serve throughout Alabama.