If you reside in this New England state, then our FHA mortgage Connecticut would be a great choice by which to make your settlement dream here come true. You will actually receive 97% worth of total funding; because you will not pay 20% worth of deposit, as is normally the case in conventional loans. Indeed, the down payment for this home purchase plan is just 3.5%, thus ranking as one of the best offers for those whose income is not that high.
What more, FHA Home Loan Group can help you to acquire property that qualifies for FHA mortgage CT! We have real estate agents in each county with great knowledge on current housing prices.
Types of Residences with HUD Approval
The Housing Department (HUD) allows you to secure funding with the following kinds of property:
- A condominium or an approved townhome. This is mainly for urban residents.
- An existing property, usually for the past 5 years or more. Eligible designs for FHA mortgage Connecticut include single-unit, duplex, three-unit and four-unit residences.
- Planned developments and mobile homes.
If you have an eye on any of the above kinds of properties, then this may be the best time to apply because the rates, as they appear below, are quite low:
Current Interest Rates
Whenever we, the FHA Home Loan Group (fhahomeloangroup.com), offer our applicants the product of their choice, we also help them find a suitable interest rate. The recent update for FHA mortgage CT has the following details:
- A scheme that lasts for 30 years comes at a rate of 4.52 percent.
- One that lasts for 15 years is available at 3.55 percent.
- An Adjustable Rate Mortgage (ARM) program has a current rate of 3.49 percent.
Note that the above margins also showcase appreciation or decrease over time. This is why you can choose a fixed or adjustable rate to suit your plan. The former is best for a long-term plan because it does not alter while the latter suits a short-term scheme.
Lender Certifications to Consider
You can also decide whether the lender meets the necessary guidelines. FHA mortgage Connecticut requires these conditions of any FHA lending institution:
- Having participated in the program constantly in recent months.
- Has certification of eligibility from the HUD.
Applying For FHA mortgage CT
Have you found a home that meets the above preconditions? Then it is time to send us an application, under these few steps:
- 1. Submit your request and pass the easy pre-qualification stage.
- 2. Select a lender with certifications.
- 3. Choose a home from your preferred county whose value is within borrowing limits. For instance, the highest amount currently for a single-unit family is $708750 for Fairfield County.
- 4. Settle selling costs and occupy the property.
This is no doubt the best time on the FHA mortgage Connecticut journey. After selecting a type of home that suits your needs, you can now start the flexible repayment journey.