- December 28, 2018
- Posted by: David Tortora
- Category: Connecticut
Hello everyone, I am David Tortora, a loan officer with North-East Financial in Middletown, Connecticut. Are you a resident in the state of Connecticut paying rent every month? Do you feel like you’re paying too much? Today I would like to talk to you about all the programs that benefit the first time home buyer as well as an experienced buyer.
CHFA First Time Home Buyer
CHFA stands for the Connecticut Housing Finance Authority and is offered to all residents of Connecticut that have never owned a home before or haven’t owned a home in the last three years. This first time home buyer loan offers two routes for residents to obtain a loan. One way is to put a minimum 3.5% down or the other way is to take advantage of the Down-Payment Assistance Program, which allows for 100% financing.
FHA Home Loans
The next program that would be beneficial is FHA Home Purchase. This loan program requires you put 3.5% down and is a great resource for first time homebuyers. It also allows the buyer to use more of their income to qualify for a bigger house. While offering a competitive interest rate.
USDA Home Loans
Another great program offered for more rural areas of Connecticut would be the USDA product. USDA Loans offer up to 100 percent financing for those that qualify. This loan program covers most areas in the state of CT. The requirements for this loan are 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.
Also included in the 100-financing category would be the VA (Veteran) loan program. This program is offered for Military or ex-military. Some of the benefits of this product is that there is no monthly mortgage insurance required and very low rates.
No PMI Loans
Lastly, I would like to mention the NO PMI Home Loan program for your first-time purchase. This loan will not allow you to borrow 100%, but it will allow you to borrow up to 95% and pay no PMI if you qualify. 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.
So, if you are tired of paying rent every month and wanting to own your home please give me a call. I would be more than happy to discuss all your options and help you pick the best one that suits you. We specialize in first time home buyer loans and the approval process is easy.
David Tortora NMLS 88166
Company NMLS 117273
210 South Main Street
Middletown CT 06457