Found 2 blog entries tagged as Buying a Home in Huntsville Alabama.

How to Buy Your First Home in Huntsville, Alabama & Build Wealth

Buying your first home in Huntsville, Alabama, is a great way to build wealth. According to the US Census, homeowners have an average of 40 times the net worth of renters. That's $255,000 versus only $6,300 for renters. Let's jump into the six steps on how to buy your first home in Huntsville, Alabama.

1. Determine Your Budget

The first step is to determine your budget. A lot of that is going to be dependent upon you, it's going to be dependent on your credit, your income, and your overall debt level.

A good rule of thumb is a 28/36 rule. Basically, your house payment should not be greater than 28% of your gross monthly income. The 36 is if you add your house debt and…

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Mortgage Contingency Clause Explained

The Mortgage Contingency Clause makes the real estate purchase contingent upon the buyer getting a specific loan. The type of loan could be a conventional loan, USDA, FHA, or a VA loan. The contingency is typically written towards the top of the contract: what loan, what loan type, and then also the amount on the loan itself. There are certain types of loans that make it more advantageous to the seller and so that is part of the negotiation packages.

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