Connecticut First Time Home Buyer Mortgage Programs

Now is a great time to buy your first home. Interest rates are still at historically low rates. There are also several great programs that allow first time homebuyers to purchase their first home with little or no money down.

FHA mortgages are for those who may not have a 700-fico score. FHA mortgages allow for lower fico scores. They also require only a 3.5% down payment, which can be a “gift” from a relative such as parents, brother, or sister. They are a great option for first time homebuyers.

USDA loans are for homes located in rural to suburban areas. The property has to be located in an eligible area. There are limits as to what borrowers can make. Interest rates are typically low compared to other loan programs. You can borrower 100% of a homes value or the contract price.

CHFA programs are specifically designed for first time homebuyers. With fico scores above 660 they also allow for a Down Payment Assistance Loan that helps pay for things such as down payment and closing costs.

VA mortgages are for those who have served their country. These programs are 100% financing for those that qualify. The program allows for higher debt to income ratios as well as lower fico scores when compared to conventional loan programs.

For any question please feel free to reach out to me.

Craig Thibeau

Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com