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

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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.

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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.

100% USDA Loans Now Cheaper: Lower MI in 2017 for USDA Loans

usda 2The USDA Guaranteed Rural Housing Development Loan (aka USDA RHD Loan) is extremely popular with Millennial Home Buyers.  That’s because the program requires Zero Down Payment. That’s right… 100% Financing is available to purchase eligible properties in select areas of Connecticut.

And, it just got more attractive  Just in time for the New Year, the USDA lowered its new year.jpgUp-Front Mortgage Guarantee Fee from 2.75% to 1.00%. And… it also reduced its Monthly Mortgage Insurance Premium from 0.50% to 0.35%

The USDA loan is now one of the most affordable home loans available, This fee reduction makes the RHD less expensive than FHA products. A USDA home loan can make owning a home less expensive than renting one  and could be the avenue for Millennial Home Buyers to move into a new home in 2017. 

What Is a  USDA Loan? The United States Department of Agriculture partners with approved local lenders to assist homebuyers with competitive interest rates and loan terms to buy their primary residence in select areas of Connecticut

The Program Offers:
usda 3100% Financing – No Down Payment is Required. Coming up with a Down Payment is one of the biggest barriers to entry into the housing market for Millennial Home Buyers. A USDA mortgage eliminates that obstacle.

Closing Costs Can Be Rolled Into the Loan Amount. The closing costs associated with obtaining a mortgage can be included in the loan amount when the appraised value exceeds the contracted sales price.
Liberal Credit Scores. The USDA Guarantee allows lenders to approve mortgages that would not qualify under guidelines for other programs. Applicants with credit scores down to 640 are eligible for this loan.
Debt:Income Ratios: To qualify, you must meet debt-to-income requirements. The DTI ratio limits are 29% (for PITI) and 41%. The reduced fees make it easier to meet these ability to pay guidelines.

Millennial Home Buyers often chose the more expensive FHA loan program, even when they are buying in USDA-eligible areas. If you are buying in a suburban or rural area, it pays to check USDA eligibility maps. Choosing USDA can save you the 3.5% down payment that FHA requires. And, now that the reduced mortgage insurance fees are in effect, you can save money each month over FHA

Eligible home buyers should weigh the benefits of a USDA loan.

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

usda 3These selected Homes for Sale in Thomaston CT are Eligible for up to 100% USDA Financing with a Guaranteed Rural Housing Development Loan.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified buyers:
•   Up to 100% Financing of the home’s Appraised ValueNo Down Payment Required
•   Ability to Finance the Closing Costs in the loan when the Appraised Value is higher than the negotiated sales price
•   One 30 year fixed rate mortgage at low-interest rates
•   Reduced Mortgage Insurance beats FHA and increases buying power.

Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Jump Start Mortgage Pre-Approval service.
With USDA Guaranteed Rural Housing Development Loan you just might be able to move in to a new home this New Year with a minimal down payment and low to no closing costs.

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52 Stoughton St, Thomaston, CT  

52-stoughton
It’s so much larger than it appears. Plenty of room to stretch out in this well cared for cape style home boasting 4 BRs with a full bath on each floor. Many possibilities for small. large or extended families.
Ideal for Millennial First Home Buyers.

174 Edgewood Avenue, Thomaston, CT
174-edgewood

Charming 4 BR ranch with many extras. Reduced price for New Year sale

 

 

Please Note; Most single-family properties for sale in Thomaston, CT are eligible for the USDA Guaranteed Rural Housing Development Loan program. Condos too, as long as the HOA meets FNMA and FHA guidelines. The program has liberal income limits and DTI ratios that might enable buyers of other high-end homes to qualify for this program. Call me for details.

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.

Open House. Nov. 4, 2016. Thomaston CT. Eligible for 100% USDA Financing

Open House. Sunday , November 4, 2016. Thomaston, CT
Reduced Price!
100% Financing!

Open House at this charming 4BR, 2B Ranch, Thomaston, CT
Sunday, November 4, 2016. 1 -3:00 P.M.

174 Edgewoodhttp://www.trulia.com/property/3241641942-174-Edgewood-Ave-Thomaston-CT-06787

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Eligible For up to 100% USDA Financing. Closing costs can be included in loan amount. Low rates! Reduced MI.
Beats FHA and CHFA any day!

Reach out to  Me at 860.945.9284 for details on the USDA Guaranteed Rural Housing Development Loan and to take advantage of my FREE  Jump Start Mortgage Pre-Approval service

Then reach out to Sue Holway at Keller Williams Realty to schedule a showing and be ready to make an offer.

Pros and Cons of a Homeowners Association

Buying a condominium is a lot different than buying a single family detached condohouse. Compared to a single-family dwelling, buying a condo includes not only ownership of the unit you will live in, it also includes part ownership in the Homeowners Association that governs the complex and manages the common areas shared by all units like the exterior of the buildings, swimming pools, parking lots, and landscaping.

https://mortgagemarketdigest.wordpress.com/2016/01/05/four-reasons-why-buying-a-condo-is-different-than-buying-a-house/

 

There are mixed opinions on whether or not joining a Homeowners Association, also known as HOA, is a good thing.  Some people like the rules and structure that goes along with it, while others detest being told that they can’t do something with their own property.  It’s important to know exactly what you’re getting into when you decide to live somewhere that is part of a HOA.

 

The Basics

There are a few basic things you should know about HOAs that can be seen as a pro or a con, but are more based off one person’s opinion than a general consensus.

   1. When you decide to buy a property such as a condo, townhouse, or a home that is part of a gated community, you are required to join that community’s HOA and pay monthly fees to maintain the upkeep of public areas.

   2. HOAs set rules that all residents must follow. These rules are called CCRs or covenants, conditions, and restrictions.  Some of these rules can include what color your front door must be painted or the size and types of pets permitted.

   3. The HOA is likely to enforce the rules. If you were to break them, you will likely be fined.

 

Here is a list of the pros and cons of living in a home that is part of a Homeowners Association.

PROS

  ♦  HOAs maintain the quality of life for everyone that is part of it.

  ♦  They protect property values for all owners.

  ♦  HOAs provide amenities.

  ♦  They reduce your home owning responsibilities.

CONS

  ♦  There’s little you can do if you don’t like a rule.

  ♦  If you choose not to follow a rule, you’ll likely be fined.

  ♦  HOA dues can be raised at anytime.

  ♦  A HOA can evict you or foreclose on your home if you don’t pay your dues.


From a mortgage point of view, the value of an individual condo is determined by the market value of the unit and the financial management of the complex by the HOA. When considering buying a condo, potential buyers are well advised to do their homework, and balance the costs of each HOA with the benefits of condo living


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.