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

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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


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.


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.


Why Are Some Mortgage Applications More Successful Than Others?

Shopping for a New HomeEvery mortgage application has a life of its own. Some live a long time, some not so much. I just closed on a loan that took less than 4 weeks to complete. And I just re-opened a file that started in June and still may not close until the end of October. So what makes some transactions more successful than others?

Here are some factors that will make the application process take longer?
• Resolving Credit issues
• Income verification issues
• Property condition and Home inspection issuesApplication Checklist
• Home Value and other Appraisal issues
• Not getting all the necessary documentation in a timely manner
• Sourcing the monies to be used for the down payment and closing costs (this is the big one)

And here are the factors that will make the application go quicker?
• Strong creditGet Pre-Approved
• Sufficient income and strong reserves
• No issues or minor home inspection issues.
• No issues with the appraisal
• Borrower co-operation in delivering all necessary supporting documents at time of the application

 It is my responsibility as a professional Mortgage Officer to set the expectations for my client…the Mortgage Approvedborrower. I take the time to educate my client on each step in the mortgage process, what I will do for them and what they must do to help make the application move along as smoothly as possible. Perhaps it’s my teaching background that helps the borrower understand whether their application will pass or fail. With good information there is better opportunity for everyone to  succeed.