FHA single-family mortgages in ALABAMA can have down payments as little as 3%. In some cases, FHA insurance allows homebuyers to finance approximately 97% of the value of their home purchased with their FHA mortgage.

FHA Loan Rates

October 31, 2014
FHA Rates for October 31, 2014
30 Year Fixed
3.25% Rate
3.29% APR
15 Year Fixed
2.75% Rate
3.0% APR
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The state of Alabama is the thirtieth largest state in the United States. Along its borders are Tennessee, Georgia, Florida, Mississippi, and the Gulf of Mexico. Its main industries include education, aerospace, health care, banking and various heavy industries, among them automobile manufacturing and steel production. Its rapidly expanding automotive industry is a large contributor to its place as the largest industrial corridor in the nation. Companies making their headquarters in Alabama include Honda Manufacturing of Alabama, Hyundai Motor Manufacturing Alabama, Mercedes-Benz U.S. International, and Toyota Motor Manufacturing Alabama.

The state's largest cities include Birmingham, Mobile, Huntsville, Montgomery, and Tuscaloosa. During the 1970s and 1980s, Birmingham's economy was transformed by large investments in medical research and bio-technology by University of Alabama at Birmingham (UAB). This university is now the largest employer in the state, with a workforce of about 20,000. Huntsville's high-tech economy has contributed to the city's nickname as the "Rocket City," due largely to NASA's Marshall Space Flight Center and the Redstone Arsenal. Aerospace and military technology are major influences on the city's economy. Forbes Magazine named the Huntsville-Decatur Combined Statistical Area in 2005 as the nation's 6th best place for doing business.

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