LOW AND NO DOWN PAYMENT FINANCING IS STILL AVAILABLE!

 

USDA Rural Development Loan:

 

This 100% loan is one of the best I have seen in our area. It is technically for "rural" areas, but most of northeastern Connecticut qualifies. View a map of eligible towns.

 

This loan will also allow you to finance some of your closing costs and for the seller to contribute to paying your closing costs as well - enabling you to buy a home with NOTHING out of pocket. This is a low to moderate income program: see their income guidelines.  Their credit criteria is very flexible.

 

My buyers have been having a lot of success with this program, and if you are thinking about buying but lack a downpayment, this is a fantastic program to consider. Contact me for details.

 

CHFA First time Homebuyer program:

 

First time homeowners with low to moderate income could also look to CHFA. CHFA loans feature low rates, and are available to first time homeowners (or any owner occupant buyers in certain towns). Credit standards to get into CHFA loans are fairly loose, provided you have employment stability, and can document your income.

 

Standard CHFA programs have a small down payment, or if you can in fact prove you have less than $5000 in assets, CHFA will also finance your down payment. CHFA also offers a rehabilitation loan. To read up on CHFA programs visit their website. This is another low to moderate income income program to consider. Contact me for details.

 

FHA

 

For those of you who make too much to qualify for these programs, the FHA still offers financing with 3.5% down. FHA Guidelines are also very flexible.

 

If you have questions about financing, contact me and I will happily give you an outline of these programs and refer you to a qualified local mortgage professional who can determine what programs are available to you.