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For FHA Mortgage loans in Connecticut dated between October 1, 2011 and December 31, 2011 the maximum loan limits are as follows.  For many areas this is a reduction in the maximum loan amount available to FHA borrowers.

If you would like to know more about FHA mortgages, click on the "what is an FHA mortgage" picture below.  FHA Mortgages loans are very popular with first time buyers here in Connecticut as well as nationwide because the offer the opportunity to make a minimal down payment, and get a dependable fixed rate mortgage. 

No Money Down Loan Programs in Connecticut.  Like many home buyers in Connecticut you may be wondering if it is possible to get a mortgage loan with little or no money for a down payment.  There are programs available for home buyers in Connecticut which can allow a qualified buyer to get a loan with no down payment.  So what are they?

CHFA - CHFA is the Connecticut Housing Finance Authority, they oversee the state 1st time home buyer mortgage program.  CHFA  are one of the no money down loan programs in Connecticut available to first time buyers, or those who have not owned their primary residence in the past 3 years.  CHFA allows qualified borrowers to get a down payment assistance loan which can cover the down payment and closing costs.  A CHFA loan can actually allow a borrower to finance more than the purchase price of the home.  There are household income limits, and purchase price limits(you can look them up here). 

VA - A VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired members of the armed forces.  Eligible borrowers can finance 100% of the purchase price of their home, there is no monthly mortgage insurance, and they can be assumable.  The VA guarantees the loan to the lender, they don't offer loans directly and also don't guarantee a borrower will qualify for a VA loan.  VA loans are a great no money down loan loan program if you are an eligible Connecticut resident who is a past or present member of the armed forces.

USDA - USDA Rural Housing 504 guaranteed loan offers eligible borrowers up to 100% financing of homes they purchase in eligible areas.  This program was created to help make mortgage money available in rural parts of the country, believe it or not much of Connecticut is considered eligible for a USDA loan, including towns like Avon!  USDA Rural housing loans do not require you to be a first time buyer to be eligible, but you may not own any other real estate at the time you close.  There are maximum household income guidelines to be eligible.  A great feature of a USDA Rural housing loan is that there is no monthly mortgage insurance payment!

As you can see there are several no money down loan programs in Connecticut available.   Let's talk about your situation and how we can help you to qualify for a no money down loan program to purchase a home in Connecticut. 

Should I refinance my South Windsor mortgage loan?  There are many reasons that South Windsor home owners refinance.  It may be to obtain a lower more favorable interest rate.  They may refinance to withdraw cash from the equity they have in their home.  It may be to obtain a shorter term on their mortgage to pay off their mortgage more quickly.  It may be a combination of these reasons.

If you are wondering should I refinance my mortgage loan, there are several things you need to consider.

Have the interest rates dropped since you obtained your mortgage enough that you will be able to "profit" from the reduced rates available today?  Will you remain in your South Windsor home or keep your current loan long enough to save more than it cost upfront to refinance?

What type of loan do you currently have and what type of loan are you looking to obtain.  Maybe you currently have an adjustable and want the safety of a fixed rate since you plan on staying on your current South Windsor home for a long time.   Maybe you are thinking of renting out your home in the future.  The answer to should I refinance my mortgage loan is not always a simple one and should be discussed with a lending professional.

Are you looking to obtain cash for some of the equity in your South Windsor home?  Do you want to make home improvements?  Consolidate debt?  Pay for a large purchase like college, a vacation home?  Should I refinance my mortgage loan, often it is less expensive to refinance your loan to obtain the cash from your equity.

Just as with any mortgage loan there are closing fees on a refinance mortgage loan.  If your goal is to save money monthly then the answer to should I refinance my South Windsor mortgage loan is yes if you save money.  If it is to change to a different loan, or to cash out equity then the answer is going to come from how important that goal is to the fees associated with achieving it.  Mortgages that are advertised is no-cost or low-cost have closing fees, they are just not called closing fees.  You will pay a higher interest rate than you would if you had paid regular closing fees.  That is often counterproductive if your goal is to lower your interest rate.   A common concern refinancing is that "I don't have the money for any fees".  Most refinance mortgage loans the borrower includes the fees into their loan amount and often do not need any money at closing.

Should I refinance my South Windsor mortgage loan?  Let's discuss your situation, your goals and find out if it is the right decision to refinance. 

West Hartford refinance mortgage, what does it mean to refinance? How could refinancing my home in West Hartford help me? What will it cost me? Under what circumstances would I want to consider refinancing? All of these are questions you may have when you hear the term "refinance.

What does it mean to refinance? Quite simply, a refinance is when you replace the existing mortgage on your home with a new one.  When it comes to mortgages there are two main categories of refinances, a "rate & term" or "cash-out".  A "rate & term" refinance is a new mortgage which was obtained to lower the rate, or change the term of the original loan.  You may include the costs of the new loan into your new loan, but a borrower getting a "rate & term" refinance does not receive any additional cash at the time of closing.  The other option "cash-out" is a new loan where you receive cash in excess of the current balance on your loan at closing.  You may choose to get a check at closing, or you may choose to pay off the debts at closing if you are doing a debt consolidation.  So you may choose to reduce your rate, or shorten the term of your loan with a "rate & term", or get cash for a project or to consolidate debt with a "cash-out" refinance, there are many different kinds of West Hartford refinance mortgages.

What will it cost me?  A West Hartford refinance mortgage is like getting any other mortgage and the costs are very similar.  One area where you may see some savings is in the title insurance, it is often possible to get a "re-issue" rate which is less expensive.  You may have heard of no cost loans, or you don't want to pay points, or you are going to be in the house forever so the lowest rate is most important.  We need to talk about where you are, what you want to accomplish and how to get you there.  If you want to have the bank pay your closing costs, okay.  If you want to get a really low rate, okay.

Why you will want to refinance you mortgage is a personal a situation as when you purchased your home.  Let's discuss your situation and create a solution to achieve your goals.  Call me at 860-306-8029 to talk about your West Hartford refinance mortgage.

How much mortgage can I afford?  In Bristol, CT this is a common question many first time home buyers have.  An FHA Mortgage may be an option, but there are several things that we will want to look at.  First how much money do you make, then what are your bills, and how much are you comfortable spending each month on your mortgage.

How much money you make?  We will want to look at how much money you gross from your job, or what you pay taxes on if you are self employed.  Questions that may ask:  What do you make an hour?  How many hours a week do you work? What is your annual salary?  Over the past 2 years what have you received for bonus, or commission income?  If you are self employed (yes you can get an FHA Mortgage being self employed) we will want to know among other things, what are on line 13 and 31 of your Schedule C of your 1040's.  In figuring how much money you make we can count income you tell Uncle Sam about, but can't count "under the table" money, unreliable or undocumented income  FHA Mortgage or not no lender will accept income like that.  Having your paystub or recent tax returns available will help a great deal in getting a correct answer to "How much money do you make". 

What are your bills?  An FHA Mortgage is no different than any other mortgage in that we need to determine how much you spend on your bills.  We will obtain a copy of your credit report and ask you some questions about bills which may not be reported to the credit bureaus.  Do you pay alimony, child support or other separate maintenance payments?  Do you have unreimbursed business expenses?  Have you co-signed for anyone on a debt?  Bills we generally don't need to know about are things like electric bills, car insurance, cell phone bills or the like.  Those are recurring living expenses anyone in Bristol, CT will have and generally not included in your "bills" for the purpose of answering how much mortgage can I afford.  Those living expenses certainly are a part of the last part of the FHA mortgage payment puzzle, what are you comfortable spending each month.

What are you comfortable spending each month?  There are multiple answers to the question of your mortgage payment.  The first is what you would love it to be, we all dream of zero, living at mom and dad's is about the only way to do that and I don't know to many parents where it would be totally free.  Then what can you afford in your real life, and what could we get an approval for.  You should never spend more than you can reasonably afford, even on an FHA Mortgage just beacause the bank will say yes to it.  Spending to much is a recipe for disaster in Bristol, CT or any town.  You still need to be able to mail the check for your payment each month.

This is a general overview of the process to answering "How much mortgage can I afford".  Just as you would not self diagnose yourself, you go visit the Doctor, today's mortgage environment requires a professional to help you navigate the mortgage waters to make sure that your income and expenses have been calculated correctly.  You may have heard an FHA Mortgage is a great loan, let's talk about what is right for you.  Call me at 860-306-8029 and we can discuss your situation and get an answer to how much mortgage can YOU afford.

What is the Maximum FHA Mortgage Loan in Southington, CT.

The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house.  So here are the current maximum FHA Mortgage Loan limits for Southington

 Single Family Home $440,000

Two Unit Home $563,250

Three Unit Home $680,850

4 Unit Home $846,150

The loan limits are similar in Middlesex and Tolland County.  They are lower in Litchfield, New London, New Haven and Windham Counties.  The loan limits are higher in Fairfield County. 

What is an FHA Mortgage?

An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.

An FHA mortgage loan may be for the purchase of a home in Southington, CT that the borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers in Southington, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.

Need an FHA Mortgage Loan or you would like to discuss your options?

Call me at (860) 306-8029 or send me an email to schedule a no obligation consultation. I'll help you determine whether or not an FHA loan is right for your Southington home purchase. If not, we'll look at other programs and how they may benefit you more.

What is the Maximum FHA Mortgage Loan in Hartford, CT

The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house.  So here are the current maximum FHA Mortgage Loan limits for Hartford, CT:

 Single Family Home $440,000

Two Unit Home $563,250

Three Unit Home $680,850

4 Unit Home $846,150

The loan limits are similar in Middlesex and Tolland County.  They are lower in Litchfield, New London, New Haven and Windham Counties.  The loan limits are higher in Fairfield County.

 

What is an FHA Mortgage?

An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.

An FHA mortgage loan may be for the purchase of a home in Hartford, CT that the borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers in Hartford, CT., regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.

Need an FHA Mortgage Loan or you would like to discuss your options?

Call me at (860) 306-8029 or send me an email to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your Hartford, CT home purchase. If not, we’ll look at other programs and how they may benefit you more.

What is the Maximum FHA Mortgage Loan in Manchester, CT.:

The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house. So here are the current maximum FHA Mortgage Loan limits for Manchester, CT:

Single Family Home $440,000
Two Unit Home $563,250
Three Unit Home $680,850
Four Unit Home $846,150 

The loan limits are similar in Middlesex and Tolland County. They are lower in Litchfield, New London, New Haven and Windham Counties. The loan limits are higher in Fairfield County.

What is an FHA Mortgage?

An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.

An FHA mortgage loan may be for the purchase of a home in Manchester CT that the borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers in Manchester CT, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.

Need an FHA Mortgage Loan or you would like to discuss your options?

Call me at (860) 306-8029 or send me an email to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your Manchester CT home purchase. If not, we’ll look at other programs and how they may benefit you more.

What is the Maximum FHA Mortgage Loan in Rocky Hill:

The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house. So here are the current maximum FHA Mortgage Loan limits for Rocky Hill:

Single Family Home $440,000
Two Unit Home $563,250
Three Unit Home $680,850
Four Unit Home $846,150

The loan limits are similar in Middlesex and Tolland County. They are lower in Litchfield, New London, New Haven and Windham Counties. The loan limits are higher in Fairfield County.

What is an FHA Mortgage?

An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan. An FHA mortgage loan may be for the purchase of a home in Rocky Hill that the borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers in Rocky Hill, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.

Need an FHA Mortgage Loan or you would like to discuss your options?

Call me at (860) 306-8029 or send me an email to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your Rocky Hill home purchase. If not, we’ll look at other programs and how they may benefit you more.

What is the Maximum FHA Mortgage Loan in Enfield:

The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house. So here are the current maximum FHA Mortgage Loan limits for Enfield:

Single Family Home $440,000
Two Unit Home $563,250
Three Unit Home $680,850
4 Unit Home $846,150

The loan limits are similar in Middlesex and Tolland County. They are lower in Litchfield, New London, New Haven and Windham Counties. The loan limits are higher in Fairfield County.

What is an FHA Mortgage?

An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.

An FHA mortgage loan may be for the purchase of a home in Enfield that the borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers in Enfield, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.

Need an FHA Mortgage Loan or you would like to discuss your options?

Call me at (860) 306-8029 or send me an email (use the link in the right hand column) to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your Enfield home purchase. If not, we’ll look at other programs and how they may benefit you more.