Posted by Monique on February 20, 2001 at 21:20:34:
Allen,
I never heard of it. But if you’re based in Alabama, try asking some of your mortgage broker buddies. Perhaps they can fill you in on program.
In any case, be sure to have the seller provide you with a copy of the original paperwork (mortgage and note) and verify the current balances/terms with the current mortgage servicing company.
Monique
Alabama Bond program - Posted by Allen
Posted by Allen on February 20, 2001 at 17:18:29:
Are any of you familiar with the Alabama Bond program. I had someone call me with a house that is currently financed on the Alabama Bond program. There is little or no equity in the house. However, the mortgage payments are low enough that I can lease/option the property and make out good on the rents. Are there any idiosyncrasies associated with this program that I should be aware of. I do know that initially it is required that the home be owner-occupied but I do not know how long this stipulation applies.
Thanks for your assistance,
Allen
Re: Alabama Bond program - Posted by Jim in Alabama
Posted by Jim in Alabama on February 20, 2001 at 22:39:42:
The Alabama Bond Program is a program that offers low interest loans to first time home buyers. All that is needed to qualify is to be a first time home buyer with good credit and sufficient income. I do not know if these loans are assumable.