Home financing in Bullock County.

Bullock County's economy is rooted in agriculture, government employment, small business, and service industries centered around Union Springs, the county seat. Many residents are self-employed, work in trades, or have irregular income — and standard loan guidelines don't always reflect that reality well.

Here's what lenders generally look at, and how it applies locally:

• **Income:** You don't need a salary. Self-employment income, farm income, gig work, and part-time jobs can all count — but you'll need to document them clearly. Two years of consistent self-employment income is the common benchmark.

• **Credit score:** FHA loans accept scores as low as 580 (with 3.5% down) or even 500 (with 10% down). USDA loans typically look for 640+, though some lenders make exceptions. Local CDFIs sometimes work with buyers who have no traditional credit score at all, using alternative credit history like rent payments and utility bills.

• **ITIN borrowers:** If you don't have a Social Security number, you are not automatically disqualified. Several lenders in Alabama offer ITIN mortgage programs. You'll need at least two years of tax filing history using your ITIN, proof of income, and a larger down payment (typically 10–20%).

• **Debt-to-income ratio (DTI):** Most programs want your total monthly debt payments to be no more than 43–50% of your gross monthly income.

• **USDA income limits:** Because USDA loans target moderate-income buyers, there are household income caps. For Bullock County, the 2024 USDA income limit for a 1–4 person household is approximately $110,650 (adjusted periodically — always verify directly with the USDA or a local lender).

• **Property location:** Most of Bullock County qualifies as a USDA-eligible area. You can confirm a specific address at the USDA eligibility map online.

Don't rule yourself out before talking to a local lender. Many people who assume they don't qualify actually do.

Gathering your paperwork before you apply makes the process smoother and faster. Here's what most home loan applications in Bullock County will require:

**For all applicants:**

• Government-issued photo ID (driver's license, passport, or consular ID card)

• Social Security number OR ITIN

• Two most recent years of federal tax returns (all pages and schedules)

• Two most recent years of W-2s or 1099s

• Two most recent months of bank statements (all pages)

• Most recent pay stubs (last 30 days), if employed

• Proof of any additional income (child support, rental income, Social Security, etc.)

• Landlord contact information or 12 months of canceled rent checks (if renting currently)

**If self-employed or a solo contractor:**

• Two years of business tax returns (Schedule C or partnership/corporate returns)

• A year-to-date profit and loss statement

• Business bank statements for the past 12–24 months

• Business license, if applicable

**For ITIN applicants specifically:**

• ITIN letter from the IRS

• Two years of tax returns filed with the ITIN

• 12 months of bank statements showing savings and consistent deposits

• Proof of address history (utility bills, lease agreements)

• Proof of employment or business ownership

**Property-related documents (once you have a property in mind):**

• Purchase agreement (signed by buyer and seller)

• Property address for the lender to order an appraisal

Keep digital copies of everything. A free scanner app on your phone works well for this.