First Mortgage of Alabama LLC
Specializing in Reverse Mortgages

First Mortgage of Alabama offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide the best loan possible, to meet the needs of  every customer. We recognize that no two customers or situations are the same.
 
Bank Statements for Self Employed
Commercial Loans
Conventional/Fannie Mae/Freddie Mac
Jumbo Mortgages
Manufactured Homes with land
Non Owner Occupied Properties
Reverse Mortgages
USDA

Bank Statements for Self Employed

 We can use 24 months for Bank Statements (Personal or Business) to qualify as income for self employed borrowers that have been self employed 24 months and longer.


Commercial Loans

 We have SBA loans as well as State Income Loans (No Tax Returns) for all types of commercial properties


Conventional/Fannie Mae/Freddie Mac

 Low Down payment or pull cash out for home improvements or debt consolidation


Jumbo Mortgages

 *Credit score down to 500 *Loans up to $2 Million *No BK/FC/SS Seasoning * Bank Statement program available * Loan-to-value up to 80% * Debt ratio to 50%


Manufactured Homes with land

 100% Manufactured housing (land owned already). Credit score down to 550.


Non Owner Occupied Properties

 No Tax Returns Required, Loans up to $2,000,000, 30 year amortization, LTV 70%, CLTV up to 80%


Reverse Mortgages

 Borrowers 62 years of age and older qualify for a reverse mortgage.

 
You can use the proceeds of a cash out to pay off bills, buy a new car or just about anything you wish. You can even purchase another home with a reverse mortgage and never have to pay the loan back as long as you live in the home as your primary residence.

USDA

 100% financing with a USDA Loan. Income restricted, as well as location restricted.




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.