In a large part, Huntsville Alabama real estate market has weathered the mortgage foreclosures storms that are now raking and riving the nation. Even in other parts of Alabama, like in Jefferson County, whose financial center is Birmingham, the situation is dire. The county is now considering on filing bankruptcy to settle a financial crisis surrounding $3.2 billion of sewer debt.

In the Huntsville/Madison county area, however, housing prices have steadily appreciated, but not with a balloon effect like in other parts of the country, such as in California, which tellingly suffered, and is still suffering from the real estate crisis. In the last quarter of 2007 one of every 194 homes, or 0.52 percent, in the U.S. was facing foreclosure, according to real estate industry figures. In Madison County, it was one of every 1,758 homes, or 0.06 percent.

Huntsville in a strong housing market means sound Huntsville mortgage loans are available and Huntsville mortgage lenders attest that good loans are available for houses in Huntsville area. With the anticipation of the BRAC Huntsville effect, the increase in business from Huntsville Research Park (the second largest of its kind in the nation), and industrial development like the Toyota car manufacturing plant housing demand has remained strong and consistent.

These factors have created a buyer's market. Huntsville Mortgage loans are readily available for those who qualify. Rates are low (ranging from an average of 5.7 to 6.5 percent in Alabama) to help the economy and housing market improve in general, and Huntsville real estate professionals are urging prospective buyers that now is the right time to buy.

"I don't think we should be concerned with the activity we are experiencing in this area," says Lofton, manager of New South Federal Savings Bank in Huntsville. "I think we are still in a buyer's market, but we all know that can turn around quickly. I think building a home now would be smart and timely."

The primary factor in any loan is your credit score. A good credit score (700 and up) will likely qualify you for a conforming loan and a lower interest rate with better options. New technology and a host of financial options make it easier for people with good credit to apply and receive an Alabama mortgage fast. Software allows them to enter a loan amount, house price and credit score into a manifold of programs that can qualify you for a loan. An immense portfolio of loan products is readily available.

For those looking for a house in Huntsville Alabama, but you are worried about your credit score, some Huntsville banks are issuing FHA loans for customers with credit glitches that result in lower credit scores. In addition, the interest is affordable given that interest rates are gyrating around 6 percent and construction arecost easing.

Most Alabama mortgage loans are underwritten in conjunction with the Alabama Housing Finance Authority and many banks offer 100 percent financing - no down payment - and a 30-year fixed rate mortgage. People in a low- to medium-income bracket can qualify for these loans, making it feasible for them to own a home.

If you live in Huntsville or are considering relocating to the area, now is the right time to purchase your Huntsville home.

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