CT Home Mortgages – Different Mortgages Offered

There are multiple mortgage loan products available for purchase in Connecticut. Homebuyers may speak with local lending representatives about affordable financing programs. Lenders offer several types of home mortgages for qualified buyers. After viewing an applicant’s credit report, income sources and financial assets, mortgage lenders are able to discuss a buyer’s qualifications for certain mortgage programs for their Connecticut home.

Conventional Loan Programs

Conventional mortgage loans offer attractive financing terms for buyers with excellent credit and a stable income history. Banks typically have the ability to process conventional loans in a shorter time frame than other types of mortgages. Conventional loan programs provide financing for adjustable-rate mortgage loans as well as for fixed-rate mortgage loans. A variety of conventional loan programs are offered based on a buyer’s needs.

Fixed-rate loan terms are generally for 15 years or longer. With a fixed-rate loan, monthly principal and interest payments will not change over the term of the loan. Ten through thirty-year terms are also available as fixed- rate.

Shorter loan terms are typically for adjustable-rate mortgage programs. With adjustable rate loans monthly principal and interest payments may change based on the predetermined terms. One, three, five, seven, and ten-year adjustable rate loans are also available.

Government-Backed Loan Programs

Government-backed mortgage loans provide affordable financing terms for a variety of homebuyers in Connecticut. The Federal Housing Administration offers affordable financing terms for first-time homebuyers, move-up buyers, low-income borrowers and for individuals who might be ineligible for conventional mortgage loans. The Department of Veterans Affairs offers government-backed mortgage loans for qualified homebuyers who meet certain military service requirements. Government-backed loans may be used to facilitate financing for borrowers who have less than perfect credit, above-average debt-to-income ratios or limited funds for a down payment on a home.

One loan option specific to Connecticut is the Connect Housing Finance Authority (CHFA). The CHFA has lower than market interest rates available for eligible homebuyers in Connecticut, along with down payment and closing cost assistance.

Allyn Associates Realtors proudly provides residential and commercial real estate services in Ledyard CT, Groton CT, Mystic CT, Stonington CT, New London CT and surrounding Eastern Connecticut towns. When purchasing a home, Allyn Associates Realtors advises their clients in a straight-forward manner assuring that they are armed with true and accurate information to make informed discussions with regards to the purchase of their Connecticut home.