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Health & Fitness

First Time Home Buyer in Connecticut

With just a couple months in to the new year, this is a great opportunity to talk about your goals for 2014 and what you’d like to accomplish. For today’s article I would like to talk to you about one of the biggest decisions of your life – buying a home. Specifically I would like to talk to the first-time homebuyers and programs NorthEast Financial offers to get you into your dream home today!

The first program I would like to talk about is FHA. FHA stands for the Federal Housing Administration and is a program offered by the U.S. Government.  FHA Mortgages help low and moderate income homebuyers purchase homes with low down payments and flexible qualifying guidelines. These loans are insured by the Federal Housing Administration, which sets maximum loan limits that vary by area.

With an FHA mortgage, you can purchase a home with as little as 3.5% and can even use a gift or grant for your down payment and closing costs. FHA mortgages are available in fixed rate and adjustable rate mortgage options. This loan type can help you afford a bigger home with the least amount of cash compared to other loan programs. If you are considering this type of loan, however, you will have to pay upfront and monthly mortgage insurance premiums.

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The second and third programs I would like to talk about are VA and USDA loans. VA loans are guaranteed by the Department of Veteran Affairs and USDA loans are guaranteed by the United Stated Department of Agriculture. Both of these loans require NO MONEY DOWN and are a great option for qualified first-time homebuyers.

To qualify for a VA loan, you must be a veteran, reservist, or active-duty personnel. To qualify for a USDA loan, you must live in one of the areas they deem eligible. Both of these types of loans are offered in fixed rates so your interest rate and monthly principal and interest payments remain the same for the life of your loan. You also will want a minimum FICO score of 620 or higher.

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The fourth program I would like to tell you about is CHFA. CHFA stands for the Connecticut Housing Finance Authority and offers residents opportunities to purchase a home who may not qualify for other conventional mortgage programs. First-time homebuyers can take advantage of CHFA’s competitively low interest rates and low to no down payments. Police and teachers can qualify for a special discount rate with CHFA as well!

If you are a first-time homebuyer living in Connecticut, today is the perfect opportunity to buy a home. If you made a resolution to purchase a home, call me today to go over all your options.

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