FHA Home Purchase Loans in Connecticut

FHA loans are loans that loans that are backed by the Federal Housing Administration. The offer attractive features that could help potential homebuyers purchase their first home.

FHA mortgages allow for high loan to value. Depending on credit scores mortgage companies will lend up to 96.5% of the value of the property.
Closing costs can be paid by the seller, builder, or lender.
Interest rates are typically lower than those that are backed by Fannie Mae or Freddie Mac.
FHA allows for higher debt ratios. Ratios can be as high at 55%.
FHA allows for lower credit scores that conforming loans. Scores can be as low as 580.
Needed repairs to a property can be financed into the loan in some cases.
FHA does allow for some minor derogatory credit with explanations.
A “non-occupant co-borrower” can be used to help qualify for the mortgage. Typically this is a parent or sibling. This is used when a person is just out of college and do not have the work history or income to qualify for the loan.

FHA loans can be a very good option especially for 1st time homebuyers who do not have a down payment and are just starting out.

If you have any questions please do not hesitate to call or email me.

Craig Thibeau/Senior Loan Officer

North East Financial
210 South Main Street
Middletown CT 06457
Ph 860-334-1354
NMLS # 398576 Company NMLS # 117273
craig@northeast-mortgage.com