New Construction Home Loans Program
The HOME Program has newly constructed homes available for purchase by qualified homebuyers. The minimum amount of assistance available is $1,000 and the maximum is $40,000. The deferred loan is forgiven in equal monthly installments over a term based on the amount of assistance to homebuyer.
Can You Qualify?
The homebuyer must meet residency and gross annual income requirements. ( Click here for Residency and Income Requirements ) In addition, the annual payment of the primary mortgage, including principal interest, taxes and insurance cannot exceed 30 percent of gross annual income and cannot be less than 25 percent of gross annual income. The homebuyer need not be a first-time homebuyer.
The deferred loan may be used to purchase newly constructed homes available through an arrangement between local licensed contractors and the County of Mobile. Please click here to view the current inventory of new homes available for sale. The homebuyer must occupy the property as a principal residence.
Interested in the program?
Sign up for a Homebuyer's Training and Counseling Program to learn about credit requirements and the loan process. Participation in the Homebuyer's Training and Counseling Program is a requirement for participation in either program! Classes are free. For further information, please call the Mobile County Commission at (251) 574-5065. Upon completion of training, participants will be issued a certificate of completion, valid for two years.