Categories
USDA USDA Eligible Properties

Thomaston CT Homes for Sale – Eligible for 100% USDA Financing

usda 3
Smart Home Buyers in Thomaston CT are very interested in the USDA Rural Development Guaranteed Housing Loan.

 

They find this mortgage particularly attractive because:
• No Down Payment is required
• Have the ability to finance 100% of the home’s appraised value
• Lower mortgage insurance than conventional or FHA loans
• More lenient credit score requirements than for conventional loans
• Unlike VA loans, there is no military service requirement
• The only zero-down loan on the market besides the VA mortgage

OVERVIEW
The USDA Rural Development Guaranteed Housing Loan program offers many benefits to qualified buyers
• Up to 100% Financing of the home’s Appraised Value – No Down Payment is required on eligible homes
• Ability to finance Closing Costs when the Appraised Value is higher than the contract sales price of eligible properties
• One 30 year fixed rate mortgage at today’s low-interest rates
• Buyers with <20% down payment can afford higher priced listings because Monthly MI is cheaper than premiums associated with conventional and FHA mortgages
• No Pre-Payment Penalty. No Re-Capture Tax like CHFA
• No limit on Seller Contributions. No limit on Gift Funds
• No Cash Contribution required from buyer
• Credit Scores down to 620.

CAVEATS
The USDA Rural Development Guaranteed Housing Loan program does have a few restrictions:
• The home must be in USDA “designated rural areas” like Thomaston, CT
• Adjusted household income cannot exceed established income limits
• Available to First Home Buyers and Repeat Buyers purchasing a single family home as their primary residence in a USDA eligible area
> Cannot own any other type of residential property at time of closing

My expertise with the USDA Rural Development Guaranteed Housing Loan expands my ability to provide clients with the right home financing solution. Get Pre-Approved
Call Me to discuss your mortgage options and to take advantage of my FREE  Jump Start Mortgage Pre-Approval service.
You just might be able to move into your new home in Terryville, CT with little or no out-of-pocket money and low affordable monthly payments.

Categories
Mortgage Process Select Properties USDA USDA Eligible Properties

Terryville CT Homes for Sale – Eligible for 100% USDA Financing

usda 3
Smart Home Buyers in Terryville CT are very interested in the USDA Rural Development Guaranteed Housing Loan.

 

They find this mortgage particularly attractive because:
• No Down Payment is required
• Have the ability to finance 100% of the home’s appraised value
• Lower mortgage insurance than conventional or FHA loans
• More lenient credit score requirements than for conventional loans
• Unlike VA loans, there is no military service requirement
• The only zero-down loan on the market besides the VA mortgage

OVERVIEW
The USDA Rural Development Guaranteed Housing Loan program offers many benefits to qualified buyers
• Up to 100% Financing of the home’s Appraised Value – No Down Payment is required on eligible homes
• Ability to finance Closing Costs when the Appraised Value is higher than the contract sales price of eligible properties
• One 30 year fixed rate mortgage at today’s low-interest rates
• Buyers with <20% down payment can afford higher priced listings because Monthly MI is cheaper than premiums associated with conventional and FHA mortgages
• No Pre-Payment Penalty. No Re-Capture Tax like CHFA
• No limit on Seller Contributions. No limit on Gift Funds
• No Cash Contribution required from buyer
• Credit Scores down to 620.

CAVEATS
The USDA Rural Development Guaranteed Housing Loan program does have a few restrictions:
• The home must be in USDA “designated rural areas” like Plymouth, CT
• Adjusted household income cannot exceed established income limits
• Available to First Home Buyers and Repeat Buyers purchasing a single family home as their primary residence in a USDA eligible area
> Cannot own any other type of residential property at time of closing

My expertise with the USDA Rural Development Guaranteed Housing Loan expands my ability to provide clients with the right home financing solution. Get Pre-Approved
Call Me to discuss your mortgage options and to take advantage of my FREE  Jump Start Mortgage Pre-Approval service.
You just might be able to move into your new home in Terryville, CT with little or no out-of-pocket money and low affordable monthly payments.

Categories
Mortgage Process USDA Eligible Properties

Terryville CT Homes For Sale – Eligible for 100% USDA Financing

Smart Home Buyers in Terryville CT are very interested in the USDA Rural Development Guaranteed Housing Loan.

usda 3They find this mortgage particularly attractive because:
•   No Down Payment is required
•   Have the ability to finance 100% of the home’s appraised value
•   Lower mortgage insurance than conventional or FHA loans
•   More lenient credit score requirements than for conventional loans
•   Unlike VA loans, there is no military service requirement
•   The only zero-down loan on the market besides the VA mortgage

OVERVIEW
The USDA Rural Development Guaranteed Housing Loan program offers many benefits to qualified buyers
• Up to 100% Financing of the home’s Appraised Value – No Down Payment is required on eligible homes
• Ability to finance Closing Costs when the Appraised Value is higher than the contract sales price of eligible properties
• One 30 year fixed rate mortgage at today’s low-interest rates
• Buyers with <20% down payment can afford higher priced listings because Monthly MI is cheaper than premiums associated with conventional and FHA mortgages
• No Pre-Payment Penalty. No Re-Capture Tax like CHFA
• No limit on Seller Contributions. No limit on Gift Funds
• No Cash Contribution required from buyer
• Credit Scores down to 620.

CAVEATS
The USDA Rural Development Guaranteed Housing Loan program does have a few restrictions:
• The home must be in USDA “designated rural areas” like Terryville, CT
• Adjusted household income cannot exceed established income limits
• Available to First Home Buyers and Repeat Buyers purchasing a single family home as their primary residence in a USDA eligible area
> Cannot own any other type of residential property at time of closing

My expertise with the USDA Rural Development Guaranteed Housing Loan expands my ability to provide clients with the right home financing solution.Get Pre-Approved
Call Me to discuss your mortgage options and to take advantage of my FREE  Jump Start Mortgage Pre-Approval service.
You just might be able to move into your new home in Terryville, CT with little or no out-of-pocket money and low affordable monthly payments.

Categories
Uncategorized

Connecticut Home Buyers Like the USDA Guaranteed Rural Housing Development Loan

Astute home buyers in select Connecticut communities  are very interested in the USDA  Guaranteed Rural Housing Development Loan.

They find this mortgage particularly attractive because they:
usda 3•  Have the ability to finance 100% of the home’s appraised valueNo Down Payment is required
•  Don’t have to fear risking all their earned savings in a new home
•  Can take advantage of today’s low-interest rates
•  Afford a more expensive home and still enjoy low monthly payments

OVERVIEW
The USDA  Guaranteed Rural Housing Development Loan  offers many benefits to qualified buyers:
• Up to 100% Financing of the home’s Appraised Value – No Down Payment is required
• Ability to finance Closing Costs when the Appraised Value is higher than the sales price
• One  30 year fixed rate mortgage  at low-interest rates
• Buyers with <20% down payment can afford higher priced listings because Monthly MI is cheaper than premiums associated with conventional and FHA mortgages
• No Pre-Payment Penalty. No Re-Capture Tax.
• No limit on Seller Contributions. No limit on Gift Funds
» No Cash Contribution required from buyer
•  Credit Scores down to 620.

CAVEATS
The USDA  Guaranteed Rural Housing Development Loan does have a few restrictions:
•  The home must be in a USDA “designated rural area”
•  Adjusted household income can not exceed established income limits
•  Single-family Property only. Must  be buyer’s’ primary residence

My expertise with the USDA Guaranteed Rural Housing Loan expands my ability to provide you with the  “Right” home financing solution.

Call Me at 860.945.9284 to discuss your mortgage options and to take advantage of my FREE  Jump Start Mortgage Pre-Approval service.
You just might be able to move into your new home in select areas of CT with little or no out-of-pocket money and low affordable monthly payments.

Categories
Mortgage Process

TheTen Commandments of Buying a New Home

ten-commandments1

1.  Thou Shalt not change jobs, quit a job, or become self-employed.

2.  Thou shalt not not buy or lease a new car, truck or van.

3.  Thou shalt not max out your credit cards or let any current accounts fall past due.

4. Thou shalt not spend the money you have set aside for your down payment and closing costs.

5.  Thou shalt not omit any debts or liabilities from your loan application.

6.  Thou shalt not go out and buy new furniture for your new home.

7.  Thou shalt not do anything that  that will originate an inquiry into your credit.

8.  Thou shalt not deposit any gift funds or make any other large deposits into any of your accounts without checking  with your mortgage broker.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

Mortgage Approved

Categories
Mortgage Process

My Credit Scores Aren’t Great! I Don’t Have a Lot in Savings! Can I Still Get a Mortgage?

I don’t have a lot of savings! My credit scores aren’t great! Can I still get a mortgage? The answer is YES! Let’s talk about your situation.

Happy New HomeIf you think having financial problems will stop you from buying a home, think again! Believe it or not, it may not be as difficult as one may think to purchase a home with less than perfect credit. Here are some common financial problems – and some smart solutions that may help you purchase your new home this spring!

General TipWork With a Professional Mortgage Broker
Getting a mortgage is an expensive proposition. – and without guidance from a qualified mortgage financeprofessional you could pay substantially more than necessary. If you’ve got financial issues, going to a regular bank might not be the right solution for you. You may be a square peg that doesn’t “fit” into their square boxes of credit guidelines. Instead, you should work with a Mortgage Broker who has established direct relationships with numerous lenders who offer a a wide range of mortgage options.
Why? Well, if you work with them directly, mortgage brokers might be able to direct you to a lender who will make exceptions to the standard underwriting guidelines. For example, I’m working with lenders who  consider a borrower with a DTI higher than 43%; and a lender who will accept  applications from borrowers with a 580 credit score.

Problem #1 – High Debt-To-Income Ratio (DTI)
I
f you’ve looked into getting a mortgage, you may have heard the term “DTI.” Just what  is DTI and how does it impact your ability to get a loan?
DTI is your debt-to-income ratio – a percentage calculated by dividing all your current debt payments plus what the new mortgage will cost you every month by your gross monthly income. FHA MIThe new “ability to repay” rules mandated by the CFPB in January 2014 limit the borrowers to a maximum 43% DTI. The higher the DTI, the higher the risk of non-payment and the harder it is to qualify for a mortgage. If it exceeds 43%, traditional banks will probably decline the request.
Solution: You have to reduce your monthly payments.A good place to start is your car. I’m working with borrowers now who pay $600 per month in car payments. What’s done is done, but instead of financing those fancy new car a few years back, they might have considered buying a good used with substantially lower monthly payments. The cars are in good shape,have low mileage, so I suggested that they apply at their credit union for a loan to refinance their car loans for 24-36 months to lower their payments. I could argue that it’s best financial decision, and of course they could still make the former payments, but their DTI ratio would improve to a point where they could obtain a mortgage.

Problem #2 – Low Credit Score
A borrower’s credit score is the single most important snapshot of your credit risk by good-credit-vs-bad-creditreporting the payment history on all your credit accounts. Lenders perceive a low credit score as a high credit risk and this could negatively impact your odds of being approved for a loan. And if you still qualify for a loan, a low credit score could still cost you. The lower the credit score, the higher the perceived risk and the higher the interest rate to compensate for that risk.
Solution: Get copies of your credit report. Go to www.annualcreditreport.com. the Only Website Authorized By Law to Provide a Free Annual Credit Report. Then discuss your findings with your mortgage broker ask him which areas need improvement. Work with someone you feel is honest, helpful, and has your best interests in mind. In addition to reviewing your overall credit situation, be sure to continue to make all payments on time; pay your credit card balances below your 50 percent of your approved credit line. These steps alone will help show the credit agencies that you’re a better credit risk and help improve your scores. Caution: Do not clear up active collections against you without discussing the ramifications with your mortgage broker.

Problem #3 – Low Down Payment
A major factor deterring home buyers today is saving the cash for the down payment on a home, the closing costs, and still having a few dollars left over in reserves.  This is where your mortgage broker and your Realtor, working in tandem, can help.
Solution: Depending on your situation, you might be able to find a way to buy a home with a low down payment and still preserve your hard earned savings. There are a number of strategies and loan programs that help you get closer to your home ownership dreams.
• Conventional Loan: If you have a fairly good credit score, you might be able to qualify for a mortgage with a down payment as low as 5 percent. The lower the score the minimum down payment may increase to 10%.
• FHA Loan: The Federal Housing Administration (FHA) loan option might be the right choice if you have a low credit score limited cash.  With an FHA loan, the minimum down payment isfha logo 3.5% even if you credit score is in the 620 range. Some lenders will work with a borrower with credit scores down to 580 with overlays to compensate for the perceived risk of default. It doesn’t hurt to talk to your mortgage broker about both these options.
• USDA Loan: In my opinion, the USDA Guaranteed Rural Housing Development Loan program is the best deal in town for those with limited savings. It offers 100% financing for usda 3eligible properties in USDA approved communities. Closing costs can be rolled into the loan amount when the appraised value exceeds the contract sales price. There is no limit on gift funds or seller concessions
• VA Loan: The Veterans Affairs (VA) loan has similar criteria as the FHA loan. But it’s targeted to serve toward past or present military personnel. Veterans may also be able to purchase a home with no down payment through a VA loan.
• Seller Concessions: In certain negotiations, the property owner may be willing to entice eligible buyers to purchase their home by offering to contribute up to 3-6% of the contract price toward the buyers closing costs. It’s important to talk to your mortgage broker and your real estate agent about this option. It’s also important for the buyer to understand that they “can’t have their cake and eat it too.” Buyers can’t expect to offer less than the listing price and still ask for concessions. You may have to pay full price and then hope the seller will take less for the property.
•  Gift Funds: Funds for the down payment and/or closing costs can be gifted to the borrower from a close family member. It is important to discuss this possibility with your mortgagegift funds broker as different loan programs have different limitations on how much the borrower must contribute to the transaction and how much can be gifted. Sourcing the receipt of gift funds, especially wedding gifts, has been a problem for 15 years. DO NOT deposit gift funds into any account without talking to your mortgage broker.
•  State-Sponsored Down Payment Assistance: Another option for borrowers are down payment assistance programs sponsored by certain states, municipalities, and non-profit organizations. They may be offer to teachers, police and firemen who plan to live in their city and/or earn below a certain income level. These programs may be limited to first-time homebuyers. Check with a broker who specializes in these types of programs.

Get Pre-ApprovedSummary: Low credit scores and/or lack of funds may be just a bump in the road to owning your own home. Talk to your mortgage broker about what it takes to get Pre-Approved for a Mortgage and how to get over these hurdles.

 Still Have Questions or Concerns?
Call Me at 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage Pre-Approval service. Then you  can call your agent to schedule a showing and be ready to make an offer.

With today’s attractive rates, and my direct relationships with trusted lenders who offer a wide range of affordable mortgage programs, you just might be able to move in with a minimal down payment and low closing costs

Categories
Uncategorized

Thomaston CT Real Estate – Homes for Sale in Thomaston CT Eligible For 100% USDA Financing

Astute Home Buyers searching for Homes For Sale in Thomaston, CT are very interested in the USDA Guaranteed Rural Housing Development Loan.
They find USDA Guaranteed RHD Mortgage particularly attractive because:
usda 3•  No Down Payment is Required
•  Buyers Have the ability to finance 100% of the home’s appraised value
•  Don’t have to fear risking all their hard-earned savings in a new home
•  Can take advantage of  low-interest rates
•  Afford a bigger home with low monthly payments

OVERVIEW
The USDA  Guaranteed Rural Housing Development Loan  offers many benefits to qualified buyers:
•  No Down Payment Required. Finance Up to 100% Appraised Value
•  Ability to Finance Closing Costs when the Appraised Value is higher than the Contract Sales Price
•  No First Home Buyer requirement. Available to Move-Up Buyers and Downsizers.
•  One  30 year fixed rate mortgage at affordable interest rates
•  Buyers with <20% down payment can afford higher priced homes because the Monthly MI is cheaper than premiums associated with conventional, FHA or CHFA  mortgages
•  No Pre-Payment Penalty. No Re-Capture Tax.
•  No limit on Seller Contributions.
•  No limit on Gift Funds
•  No Cash Contribution required from buyer
•  Credit Scores down to 620.

CAVEATS
The USDA  Guaranteed Rural Housing Development Loan does have a few restrictions:
•  Property must be in a USDA “designated rural area” like Homes For Sale in Thomaston CT
•  Adjusted household income from all occupants can not exceed established income limits
•  Single-Family Property only. Must  be buyer’s’ primary residence. Can’t own any other residential property at time of closing.

My expertise with the USDA Guaranteed Rural Housing Development Loan expands my ability to provide Home Buyers with an attractive home financing solution.
Call Me at 860.945.9284 to discuss the Right  mortgage options for your family and to take advantage of my FREE Mortgage Pre-Approval service.
You just might be able to move into your one of the eligible Homes For Sale in Thomaston CT with little out-of-pocket money and low affordable monthly payments this Spring!

Categories
Mortgage Process

Mortgage Application Checklist

Here is a Mortgage Application Checklist of supporting documentation you will need for a prompt mortgage closing. It’s pretty inclusive and covers most of the paperwork you will need whether you are applying for a Conventional, FHA, USDA or a VA mortgage.

Identification: You will need to provide a color PDF copy of your:Application Checklist
• State Drivers License
• Work Visa and/or Green Card
• US Military ID
• State-issued Non-Drivers ID

Residence:
• If you are currently renting, be prepared to supply:
    ο  Addresses for the past 2 years including name of all landlords, their addresses and telephone  numbersFamily Finances
• If you own your current home:
    o  Provide copy of most recent mortgage statement
• If you own more than one property:
    o  Provide property address(es)
    o  Copy of current mortgage statement
    o  Estimated value of each property
    o  Tax, insurance and annual maintenance cost for the property
    o  Copy of current tax bill
    o  Amount of Condo fees

Employment: Lenders want to see a 24 month job history and will need:
• Employers name, address and phone number
• Letter of explanation for any job gaps

Income:
• Copy of all W2 and/or 1099 forms for the past 2 years
• 2 most recent pay stubs
• Signed tax returns for the past 2 years if you work on commission, are self-employed or wish to use interest, dividend or bonus income as sources of income to repay your loan.
Note: It’s a good thing to have a copy of these returns handy even if you are a W2 employee as some mortgage programs will want to review information as to number of persons and potential source of other income in the household
• Signed year-to-date Profit & Loss if you are self-employed
• Copy of Business License & Letter from CPA verifying 2 years of self-employment history
Note: Alimony, child support and separate maintenance income need not be revealed if you chose not to have it considered for repaying your loan

Deposit and Savings Account: You will need to verify the source of all monies being used for your down payment, closing costs and cash reserves.
•For all checking, savings, 401k, IRA and mutual fund portfolios, you will need to provide:
    ο  Copies of last 2 months bank checking and savings account statements (all pages, front and Passbookback) where deposits are held
Note: Any overdraft history in these accounts is considered a sign of “financial irresponsibility” and could adversely affect your application.
    ο  Copies of last 2 months 401k, IRA and mutual fund statements for past 2 months
• Explanation and documentation of the source of any large deposits made to these accounts in the last 2 months
Note: The source of any Gift Funds you expect to use toward your down payment and closing costs is always been a problem. Check with your Mortgage Professional as to who is eligible to provide these Gift Funds and the documentation required to verify the source.
Do Not deposit any cash or checks received as wedding gifts into your accounts. It could prove to be a paperwork nightmare. Check with your Mortgage Professional on the best way to handle this situation.

Property Information:
• Complete address of the property you intend to buyHome for Sale-Sold
• Copy of the Purchase and Sales Agreement for the Property signed by all parities
• Name and contact information for all real estate agents involved in the transaction.
If you are purchasing a condominium or PUD, be prepared to provide:
• Name of the Condominium Development
• Name, address and phone number of the Association’s management company
• Confirmation as to whether the Association is, or is not, FHA approved
• Copy of the Association’s Master Insurance Policy

Veteran’s Administration Loan Applicants: If you are applying for a VA Mortgage, you will need to supply:
• Military Discharge Papers (Form DD214)
• Certificate of Eligibility

Other Important Information You Will Need to Provide:
• Name and contact information of the attorney who will represent you in the transaction
• Name and contact information of your Insurance Agent
     o Evidence that adequate Homeowners Hazard Insurance will be in place at time of closing
• Letter of Explanation for any Inquiries that appear on your Credit Report in the last 60 days
• Copy of Divorce Decree (all pages) if applicable
• Copy of Bankruptcy Discharge Notice

The Keys to New HomeThe Spring inventory of good homes on the market is shrinking and prices are going up. Interest rates are positioned to go up too! Now Is the Time to Buy!

Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE  Mortgage Pre-Approval service. 
I am committed to helping your family live comfortably and financially secure in your new home with the Right Mortgage and the Right Rate!