Birmingham is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of 2020, Birmingham had a population of 200,733, making it Alabama's second-most populous city after Huntsville.
When people think of Birmingham, there may not be much that specifically comes to mind. This city has flown under the radar but has quickly become one of the best places to live in the Southeast region. Birmingham residents find that they have everything they could need living in the Iron City of the South!
Possibly one of the best parts about Birmingham is how central the city is located near beautiful nature hikes, trails, waterfalls, lakes, and more. If you enjoy the great outdoors, this city has many beautiful locations to offer for a day of adventure. Take a sunrise or sunset hike at Ruffner Mountain or Red Mountain Park for a lovely view. With canoes, swimming, and hiking trails, Oak Mountain State Park is another amazing park located near Birmingham’s exclusive neighborhood of Shoal Creek.
Realtor® ranks Birmingham as one of the top 25 housing markets for 2022, with a combined sales and price growth increase of 13.7%. The housing market remains is tight, with prices driven by only 1.8 months supply of homes for sale, the low number of homes available for sale, according to ACRE. Home Appreciation is up 5.2% in the last 12 months. The median home price in Birmingham is $272,700. Based on the most recent reports from Birmingham Realtors, the answer is a resounding "Yes!" with tight inventory keeping housing prices high in the state high. It's true that Birmingham has one of the hottest real estate markets in the country, and for good reason. We are serving most of the Birmingham Zipcodes including 35005, 35020, 35022, 35023, 35061, 35064, 35068, 35094, 35117, 35118, 35126, 35127, 35130, 35173, 35203, 35204, 35205, 35206, 35207, 35208, 35209, 35210, 35211, 35212, 35213, 35214, 35215, 35217, 35218, 35221, 35222, 35223, 35224, 35226, 35228, 35233, 35234, 35235, 35242, 35243, 35254.
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There are certain requirements borrowers must meet to qualify for an FHA loan (may differ case to case and lender to lender basis), including:
• The home you consider must be appraised by an FHA-approved appraiser.
• You must occupy the property within 60 days of closing.
• You can only get a new FHA loan if the home you consider will be your primary residence, which means that it can't be an investment property or second home.
• An inspection must occur, and the inspection must report whether the property meets minimum property standards.
• The type of credit you have (whether you have credit cards, loans, etc.)
• Credit utilization, which is simply how much credit you use
• Whether you pay your bills on time
• The amount you owe on your credit cards
• How much new and recent credit you've taken on
• According to the Department of Housing and Urban Development, the maximum FHA lending amount for high-cost areas (such as large metropolitan areas) is up to $970,800 for 2022.
• The policies of lenders regarding Alaska and Hawaii do differ in terms of loan limits.
• In lower-cost areas, the FHA limit can dip as low as $420,680.
• Loan limits are set based on county property values.
• These are the limits for one-unit properties. If you have multiple units, limits may be higher.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
House construction loans are typically disbursed in instalments or stages, also known as "tranches". It is based on the progress of the construction work. The lender may appoint an expert to assess the construction progress at different stages before releasing the funds.
if you wish to apply for a home construction loan, you have to provide the lender with a detailed construction timetable, construction plan & a realistic budget for construction. After a construction loan is approved, your loan amount is disbursed in stages as per the demand of each construction stage.
It is usually cheaper to buy a home than build a new one. However, by building your own home you get a brand-new residence, customized to your needs. It costs $295,000 on average to build a home in Florida. This figure can add up to $445,000 if you include land costs, excavations, permits, and other expenses.
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