The Alabama House of Representatives recently passed legislation that could lower mortgage payments for homeowners and help improve the housing market. The new bills updated a housing initiative from 2009 that could help sell as many as 2,500 homes in the state this year.
State funds had been set aside five years ago for creating a new market for investors to buy home mortgages. However, that market failed, so the Alabama Housing Finance Authority and the Home Builders Association of Alabama figured out a way to use the funds to offset private mortgage insurance (PMI) to lower the costs of monthly payments on homes.
“This is a great move and I’m looking forward to seeing the faces of new buyers when they find out how low we can get their monthly payments,” said Brooks Harris, co-president of Harris Doyle Homes.
The Alabama Housing Initiative Update will pay the PMI premium in one payment. The result could save buyers up to $1,0
00 each year. Homeowners will need to finish a homeownership education course to qualify, and total household income cannot exceed $97,300. The program is good for new and existing homes. The bill now moves to the Senate.
Harris Doyle Homes has new homes throughout the Birmingham area that will qualify for the program. Families can find the perfect home for them in Trussville, Pike Road and Hoover, just to name a few of the Alabama areas where we build new homes.
Tudor-style homes line the quiet streets in the Trussville community of Longmeadow. Homes are priced from the $200s with open floor plans that feature elegant living spaces. The Waters is for those looking to enjoy rural life without living too far away from the city. Located in Pike Road, The Waters is perfect for anyone who loves to sip ice tea on the porch and wave to neighbors. The Preserve in Hoover presents an idyllic location to raise a family, where old-fashioned style combines with modern luxury in homes built with today’s families in mind.
Stay tuned for more developments on the Alabama Housing Initiative. Learn more about our Birmingham area new homes by calling 205-982-2896.