Connecticut FHA Mortgage Programs: Purchase or Refinance

Connecticut FHA Mortgage Overview

Connecticut FHA Mortgage Loan programs are a great resource for borrowers in the state.  It is a great product available to homebuyers overall. But what many borrowers do not know is that there are many different types of FHA Home Loan programs. As an Independent Mortgage Broker with Northeast Financial, I work with numerous Wholesale Mortgage Lenders which allows me to offer many of those Connecticut FHA Mortgage products. The products we have available for homebuyers for a home purchase are:

FHA Fixed:

• Standard FHA purchase
• 580 Minimum Fico
• 1-4 unit Primary Residence

FHA One-Time-Close Construction-To-permanent Loan:

Decided you want to build a home of your own? Found a piece of land you’d like to build your dream home on? The One Time close is ideal for borrowers looking for ground up construction.

• 620 minimum qualifying credit score
• Multi-wide manufactured housing, modular housing, 1-unit stick-built housing
• Also, no payments due from borrower during construction
• Furthermore, there is no re-qualification once construction is complete
• Single closing reduces total costs

FHA 203K Rehab Limited:

The Limited 203(k) may be used to purchase or refinance a home that needs minor remodeling.

• First, this program is for minor remodeling
• Second, up to 35K in rebab
• Finally, max completion time of Construction is 90 days

*Eligible Repairs*

• Repair, replacement, or upgrade of existing HVAC systems, plumbing, and electrical systems
• Repair or replacement of flooring
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Finally, purchase and installation of built-in appliances including ranges, dishwashers and microwave ovens

FHA 203k Standard:

The Standard 203(k) may be used to purchase or refinance a home that needs remodeling and/or structural repairs. There is a minimum rehabilitation cost of $5,000 and the use of a 203(k) consultant is required.

• First, structural changes are allowed
• $5K minimum and no maximum repair amount (but, must hold to FHA loan limits)
• Landscaping and hardscaping allowed
• Finally, max completion time of Construction is 180 days

$100 Down FHA:

The $100 Down Program was developed to help turn foreclosed HUD homes into owner-occupied residences. The program covers 1-2 Unit residential properties and waives the usual 3.5% down payment requirement.

• Most Noteworthy, the minimum down payment is $100
• Borrowers can also apply for a rehab loan
• 1- to 2-unit primary residence
• FHA-approved condominium projects
• PUDs
• Manufactured housing

FHA 1.5% Down:

The Down payment assistance program must be offered by an approved governmental entity.  Borrowers can also apply for a 203K FHA loan under this program.

• Above all, DPA (down payment assistance) is a completely forgivable grant
• Even more, borrowers can get up to a 6% seller concession
• Finally, no resale or borrower repayment restrictions

If you have an interest and/or questions on any of these fantastic Connecticut FHA Mortgage products and would like for a free consultation, contact me today via phone or email!  The pre-approval process is easy, and I will work with you every step of the way.

Ramazan Sinani
Mortgage Loan Originator
Northeast Financial
NMLS: 1590862  Company NMLS: 117273
Cell: 203-695-6858   Fax: 203-413-6240
[email protected]

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