How to Purchase a Home in Connecticut with No Money Down?

Posted on September 11, 2017 · Posted in Connecticut First Time Mortgage, Connecticut Home Purchase Mortgage

Northeast Financial is a Connecticut mortgage company that works with Connecticut residents to get a mortgage on their home purchases.

 

We offer a few different programs that allow you to put NO MONEY DOWN on a home that will be you primary residence.  Here are the three program options that allow for 100% financing:

 

USDA This is a Rural Development loan that allows an individual to borrow up to 100 percent of the purchase price or the appraised value of the home. The property must be in an eligible area however most are surprised that many of the areas located outside what we consider the cities are in fact eligible as a rural property.  There are also income limits with this loan type.   If you are a couple buying a home – the most you are allowed to earn jointly is $99,200.  Considering the median household income in Connecticut is around $65,000 this will allow many people to qualify.  Call me at the number below and we can give a free consultation to show you which areas in Connecticut are eligible and if you qualify.

 

VA These loans are for our Veterans.  As long as your served in the armed forces or the reserves and either continue to serve or were honorable discharged you are eligible.  VA loans allow veterans to borrow up to 100% of the value of the property they are looking to buy.  Unlike USDA loans they do not have to be in an eligible area and their are no income limits.  Veterans who currently have a loans through the Veterans Administration are also eligible to refinance and in many cases may not need to have another appraisal done.  The great thing about the Veteran Loans is that there is no PMI!

 

CHFA This stands for Connecticut Housing Finance Authority and is specifically designed for first time home buyers.  These programs are for individuals looking to buy their first home or have not owned a home in the last 3 years.  Unlike USDA and VA loans CHFA is broken up in a first mortgage and a second down payment assistance loan.  Like USDA income limits do apply.  CHFA also offer incentives to police officers, teachers, those in the military, as well as individuals with certain disabilities.  CHFA typically will offer interest rates below market interest rates.

 

Call us today at 860-788-7237 or call me at the number below so we can help you with your upcoming home purchase.

 

Thank you,

 

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

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