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Connecticut Home Buyer Mortgage Options

Posted on September 22, 2017 · Posted in Connecticut First Time Mortgage, Connecticut Home Purchase Mortgage

Which Mortgage Loan is Right for You?

 

There are a number of loan options available for buyers looking to purchase a home.   Being familiar with these can help you when deciding what type of loan to secure.  A knowledgeable and experienced loan officer will be able to discuss these options with you in greater detail to help determine which loan is in your best interest and appropriate for your situation. 

 

  • CHFA Loans. This Loan program allows you to borrow up to 100% financing.  Even though this loan is for all Connecticut Residents – it offers special discount rates for teachers, police officers, or people buying homes in determined geographic areas.  This loan requires that you either be a first time home buyer or you have not owned a home in the last 3 years.

  • 100% Financing USDA Loans.  This loan program covers most areas in the state of CT.  The requirements for this loan is that the property you are buying most fall within the rural criteria set by the USDA.  Most people do not realize that the USDA covers most areas in Connecticut and has a very low PMI charge.

  • VA Home Loans.  This loan program allows veterans, service members and surviving spouses  to borrow up to 100% financing.  There is no PMI and the VA Funding Fee can be financed or may be waived for those with a service related disability.

  • FHA Home Purchase.  This loan program requires you put 3.5% down and is a great resource for first time homebuyers.  The FHA program also allows you to take up to 35K in order to renovate a property when you are purchasing.

  • NO PMI Home Loan.  This loan will not allow you to borrow 100%, but it will allow you to borrow up to 95% and pay no PMI.  The rates on this type of loan are a bit higher that conventional rates – but allows for a lower monthly payment due to the lack of the monthly PMI.

  • Conventional Home Loans.  These loans generally require 20% with a credit score of 680 or better and allow some of the lowest rates on the market with no PMI.

 

For more detailed information and consultation about which loan products are right for you, please call me directly at 860-335-9918.

 

stephStephanie Smith

NMLS# 1083107
Company NMLS# 117875

860-335-9918

stephanie@northeast-mortgage.com

 

 

 

 

 

 

 

 

 

FHA Disclosure

 

NMLS# 117273, Northeast Financial, 860-788-7237

 

The principal and interest payment on a 203,500 30 year FHA fixed rate loan at 3.25% on 96.5% loan to value is 1,025.99 with 0 points due at closing.  The APR is 4.491%.  Payments include a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and monthly MIP is calculated at .85% of the base loan amount.  The .85% monthly MIP is required for a specific period of time regardless of your down payment or equity in your home.  The principal, mortgage insurance, and interest payment does not include property taxes or home owner’s insurance premiums, which will result in a higher actual monthly payment.  Rates current as of 6/26/17