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Connecticut Mortgage: Government Mortgage Programs and How They Work

Buying a home is a very complex transaction  partially because of how many people are involved in the process but also because of how many options you have.  Have you ever wondered what exactly are these loans that you always see advertised?  The most common loans people see advertised are the government products like Veteran Loans, FHA Mortgages, and USDA Home Loans. Below I have listed some brief pros and cons for what I find to be the most asked about these loans.

 

  1. FHA loans.

Pros:  Low down payment and affordable closing cost.

Cons:  Up front mortgage insurance premium and Monthly Mortgage Insurance.

 

  1. VA loans.

Pros:  Strongest loan on the market. Good rates and 100% financing.

Cons:  You are only eligible for this product if you are a Veteran or the spouse of one.

 

  1. USDA loans.

Pros:  100% financing and very low monthly PMI.

Cons:  The property must be located in a rural area and there are income limitations.

 

If you have any questions about these products or would like to get more details on each then please call me any time.  I am here to help.  I am also always available if you need to get pre-qualified for when you are making an offer on a house.

 

Thanks,

 

aburke

Andrew Burke
aburke@northeast-mortgage.com
Cell: 203-209-0324
NMLS: 1271085/ Company NMLS: 117273