USDA Mortgages in CT with 100% financing are still available. This is a great loan program for qualified Connecticut properties to qualified applicants with moderate income and little to no down payment. As I had written previously in this blog: Need 100% Financing? Try the USDA Guaranteed Rural Housing Loan Program the USDA Mortgages in CT program is a great loan for rural and even some not-so-rural areas that qualify for the USDA program. Connecticut still has many areas that qualify for the RD Loan.
If you have a listing or are selling your home and it qualifies location-wise for an RD loan, this also can be a great tool to market a property. Everybody wants to get a bargain and /or a deal, and offering special financing is one way to create some sizzle. "100% financing available to qualified buyers" with USDA Mortgages in CT is an attention getter. The beauty of 100% financing for USDA Mortgages in CT is that it expands the pool of folks who could possibly purchase your home.
Every County in Connecticut, even Hartford and Fairfield Counties, has at least a portion of eligible locations. Click here to look at a map of eligible areas in Connecticut for USDA financing. All Counties, with the exception of Windham County, have at least some ineligible areas as well, so be sure to consult the site first.
There are property location restrictions for the USDA 100% financing program. According to USDA website's eligibility map listed here: Much of Connecticut is eligible for financing. Check the website and also with a qualified loan officer for further details for information on USDA Mortgages in CT Keep in mind, both the property (based on location) and the borrower (based on income) need to qualify to be eligible for consideration for this loan program.
The other qualification restriction is income based. The income limits for the 100% Section 502 Guaranteed Rural Housing Program are listed here: Income Eligibility According to the chart, a family of 2's maximum annual income would be $95,400 for the Section 502 Guaranteed Rural Housing Program in Hartford County.
There is a financed fee similar to the VA funding fee for this program, and there are credit qualifications-620 minimum fico- and property qualifications as well.
Once again, this a great program for 100% financing USDA Mortgages in CT. For more details, contact Michael Byrne at 908-531-6170
Michael Byrne
Mortgage Specialist
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Hi Michael, we are the number one Lender in the State of Missouri for USDA loans. We are an approved Underwriting Lender for USDA as well. It's a great program and it has helped many first time homebuyers to get into a property. Although you don't have to be a first time homebuyer to be on this program. Good luck with it.
Thanks Lanora! It is a great program for those who qualify and for properties that qualify.