Connecticut FHA Loan

Getting a Connecticut FHA loan is one of the easiest types of full documentation mortgage to get whether you're a homeowner looking for a simple refinance, or you're a Home Buyer wanting a low rate. With the CT FHA mortgage, there are currently different FHA loan limits on each of the counties of Connecticut. For example if we take Hartford, then a single family home loan limit is $197,621.00, for two units it is $222,584.00, for three units it is $270,429.00 and for four units it is $327,450.00. Similarly, if you have seen a nice house in New London, Connecticut then the FHA home loan limit for a single family home is $170,362.00, for 2 units, it is $217,987.00; for 3 units it is $263,475.00 and for 4 units it will be $327,450.00.

In fact, HUD announced a higher Connecticut FHA home loan limit in the recent past to help Connecticut families become homeowners. The US Department of Housing and Urban Development said that the Federal Housing Administration (FHA) has increased its single-family home mortgage limits in the counties of Hartford, Tolland and Middlesex by almost $80,000.

As you know FHA is a branch of HUD, which insures mortgages against default. Regardless of your income, if you are a prior homeowner or a first-time home buyer, then a Connecticut FHA loan will be attractive and provide far more benefits that a traditional mortgage can. As a potential home buyer, the FHA-insured loan means that we can offer most home buyers a FHA loan at with only a three-percent down payment combined with a great low FHA interest rate. The largest benefits to owning a home with an FHA loan is the many protections it provides you in times of financial difficulties. Ask us about all of the pre-foreclosure help you can get that can help you keep your home when a traditional conventional lender would have foreclosed on you!!!

The Connecticut FHA mortgage limit in Hartford, Tolland and Middlesex counties went up $254,600 to $333,735, which is quite a significant increase and thus it will help you to buy a nicer home in any of the above Connecticut counties. The main idea is to make home ownership more affordable and accessible to working families. The previous loan limits were below the actual cost of many homes in Connecticut communities and as a result, there were lot of people and families who were unable to purchase homes due to the lower loan amount and higher cost of homes.

According to HUD Regional Director Taylor Caswell, "With the help of HUD, the American Dream of home ownership is achieved every day in this country, often by families who thought that a home of their own remained out of reach." "Many people can afford the monthly payments, but have difficulty saving for down payment costs. These increases will make buying a home a lot easier for Connecticut families."

Having a higher Connecticut FHA loan limit will not cost the government any extra money, because the FHA Insurance Fund is fully supported by premiums, which are paid by borrowers who get the FHA insurance. Today, HUD is the country's foremost housing agency and it is committed to increasing home ownership, especially among minorities. Its aim is to create affordable housing opportunities for all the people who fall under the low-income group of Americans.

So if you are thinking of applying for a Connecticut mortgage, think of us, a mortgage company you can trust for an FHA loan. We will help you to prepare a for your FHA loan and ensure we've done our part to help you qualify.

As part of this process, you will be required to show or submit the following:

• Address to your place of residence for the past two years;
• The Social Security number for all applicants;
• The names and location of your previous and current employers from the past two years;
• The gross monthly salary for all applicants;
• Information regarding all applicants checking and savings accounts with copies of all pages of all statements for the past 90 days;
• Information regarding all applicants open loans;
• Complete information about any other real estate property that is owned and/or financed by an applicant;
• The approximate value of all personal property at the time of applying for the loan;
• A current check stubs with your W-2 forms from the past two years;
• Personal tax returns from the past two years for each applicant;
• In addition to all the above, you will also need to be prepared to pay for an appraisal of the property that you are wanting to buy, and we recommend you have the home inspected after contracting, again, you will need to pay for this or negotiate the Seller paying for this.