What is the Maximum FHA Mortgage Loan in Bloomfield?
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 Bloomfield, 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 Bloomfield 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 Bloomfield, 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 Bloomfield, CT home purchase. If not, we’ll look at other programs and how they may benefit you more.
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"