43 Beach Avenue Terryville CT For Sale – Eligible for 100% USDA Mortgage

Fully remodeled home with brand new kitchen, 3 bedrooms and 2 baths
Priced right for Millennial First Home Buyers!

And … It’s Eligible for Up to 100% USDA Financing.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified Millennial Home Buyers.usda 3
• No Down Payment Required! Finance up to 100% of the home’s appraised value.
• Ability to Finance the Closing Costs into the loan when the appraised value is greater than the negotiated sales price.
• One 30 year fixed rate mortgage at today’s low interest rates.
• Reduced Mortgage Insurance. Beats FHA any day.

43 Beach Ave Terryville (2)
https://www.realtor.com/realestateandhomes-detail/43-Beach-Ave_Terryville_CT_06786_M30883-42301

Reach out to Rick Cignoli to find out if the USDA Guaranteed Rural Housing Development Loan is the right mortgage option for you and to take advantage of his FREE Jump Start Mortgage Pre-Approval service.

Then call Janet Laviero at Select Realty Associates, LLC 860.583.9977
to schedule a showing and be ready to make an offer.

Advertisements

24 Benedict St. Terryville, CT For Sale – Eligible for 100% USDA Mortgage

Fully remodeled home with brand new kitchen and 4 bedrooms
Ideal for Millennial First Home Buyers!
And … It’s Eligible for Up to 100% USDA Financing.

The  USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified Millennial Home Buyers.usda 3
• No Down Payment Required! Up to 100% Financing of the home’s appraised value.
• Ability to Finance the Closing Costs into the loan when the appraised value is greater than the negotiated sales price.
• One 30 year fixed rate mortgage at today’s low interest rates.
• Reduced Mortgage Insurance. Beats FHA any day.

24 Benedict Terryville CT

https://www.realtor.com/realestateandhomes-detail/24-Benedict-St_Terryville_CT_06786_M30277-85144

Reach out to Rick Cignoli to find out if the USDA Guaranteed Rural Housing Development Loan is the right mortgage option for you.
Take advantage of his  FREE Jump Start Mortgage Pre-Approval service.
Then call John Petraroia at Property Partners Real Estate 203.217.8658 to schedule a showing and be ready to make an offer.

23 Hickory St. Terryville, CT for Sale – Eligible for 100% USDA Mortgage

Fantastic opportunity to own this well maintained 4 bedroom home!
Ideal for Millennial First Home Buyers!

And … It’s Eligible for Up to 100% USDA Financing.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified Millennial Home Buyers. in Terryville, CT.usda 3
• No Down Payment Required! Up to 100% Financing of the home’s appraised value.
• Ability to Finance the Closing Costs into the loan when the appraised value is greater than the negotiated sales price.
• One 30 year fixed rate mortgage at today’s low interest rates.
• Reduced Mortgage Insurance. Beats FHA any day.

23 hickory streethttps://www.realtor.com/realestateandhomes-detail/23-Hickory-St_Terryville_CT_06786_M39175-01298

Reach out to Rick Cignoli to find out if the USDA Guaranteed Rural Housing Development Loan is the right mortgage option for you.
Take advantage of his FREE Jump Start Mortgage Pre-Approval service.
Then call Sue Kuczenski at Country Manor Realty 860.302.1063 to schedule a showing and be ready to make an offer

69 Hillside Ave, Plymouth, CT for Sale – Eligible for 100% USDA Financing

Incredible Price for this 4 bedroom home.
Ideal for Millennial First Home Buyers!
And…It’s Eligible for Up to 100% USDA Financing.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified Millennial Home Buyers.
• No Down Payment Required! Up to 100% Financing of the home’s usda 3appraised value.
• Ability to Finance the Closing Costs into the loan when the appraised value is greater than the negotiated sales price.
• One 30 year fixed rate mortgage at today’s low interest rates.
• Reduced Mortgage Insurance. Beats FHA any day.

69 Hillside plymouth

https://www.realtor.com/realestateandhomes-detail/69-Hillside-Ave_Plymouth_CT_06782_M30596-47525?cid=soc_shares_ldp_fb

Reach out to Rick Cignoli to find out if the USDA Guaranteed Rural Housing Development Loan is the right mortgage option for you.
Take advantage of his FREE Jump Start Mortgage Pre-Approval service. Then call your Realtor to schedule a showing and be ready to make an offer

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.

10 Missy Road, Terryville, CT For Sale-Eligible for 100% USDA Financing

Raised ranch features large country kitchen with breakfast bar opening to bright living room with cathedral ceiling. Nicely situated on level lot in quiet country setting. Ideal for Millennial First Home Buyers

It’s Eligible for Up to 100% USDA Financing!

usda 3The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified Millennial Home Buyers
♦ Up  to 100% Financing of the home’s appraised value – No Down Payment Required
♦ Ability to Finance the Closing Costs in the loan when the appraised value is greater than the negotiated sales price
♦ One 30 year fixed rate mortgage at low interest rates
♦ Reduced Mortgage Insurance. Beats FHA MIP.

10 Missy lanehttp://www.realtor.com/realestateandhomes-detail/10-Missy-Rd_Terryville_CT_06786_M31668-61642

Reach out to Rick Cignoli to find out if the USDA Guaranteed Rural prequal-vs-preapprovalHousing Development Loan is the right mortgage option for you and to take advantage of his FREE Jump Start Mortgage Pre-Approval service.
Then call your Realtor to schedule a showing and be ready to make an offer.

 

 

 

 

FHA 203(k) vs FNMA Homestyle – Info You Should Know

contractorThe FHA 203(k) Standard Rehab Loan, the FHA Streamline 203(k) and the FNMA Homestyle Renovation Mortgage are single-close mortgage that enables borrowers to purchase a home that needs repairs, or refinance the mortgage on their existing home and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as-completed” value of the home not the present value
Here’is an overview of what you should know about each program.

FHA 203(k) Standard
•  All FHA(203k) loans require a FHA Approved Consultant who acts as a “construction manager” to oversee and inspect the rehabilitation project from start to finish. Consultant works with the borrower’s contractor to write-up a cost estimate and work plan  for the project
•  Used for the purchase or refinance of properties needing major structural repairs. Any repair is acceptable; however – health and safety items and building code violations must be addressed first.
•  Minimum $5,000 requirement for repair cost. The loan amount including purchase price and rehab cost cannot exceed the FHA maximum loan amount for the county.
•  Cost of rehab includes: energy package and lead paint abatement costs, consultant fees, architectural and engineering fees, contingency reserves, inspections and up to 6 months PITI if homeowner can’t live in property during the rehab.
•  Maximum repair amount is 110% of the after-improved value
•  Maximum LTV 96.5%
•  Eligible Properties include:
◊  1-4 unit owner-occupied properties
◊  Owner-occupied FHA approved condos in a 1-4 unit structure are eligible when   the funds are being used only to renovate the interior space of the subject unit.
◊  Mixed-use owner-occupied properties are eligible when the rehab funds are used only on the residential sections and access areas leading to it
•  Project must begin within 30 days of loan closing and must be completed within 6 months. Rehab projects lasting more than 6 months are not eligible.

FHA (203k) Streamline
Used for the purchase or refinance of properties needing minor repairs or upgrading
No Minimum Repair cost. Maximum repair cost of up to $35,000 for non-structural repairs only
•  Eligible Properties include:
◊  1-4 unit owner-occupied properties
◊  Owner-occupied FHA approved condos in a 1-4 unit structure are eligible when   the funds are being used only to renovate the interior space of the subject unit.
◊  Mixed-use owner-occupied properties are eligible when the rehab funds are used only on the residential sections and access areas leading to it
A 203(k) Consultant is not required in most cases
Maximum LTV is 96.5%.
Contractor must be licensed and bonded. Borrower is allowed to choose their own contractor as long as they meet FHA guidelines. Contractor provides written work plan and cost estimates.

FNMA Homestyle
•  FNMA Homestyle is the only rehab loan product that allows for a relationship between the borrower and the contractor.
•  FNMA Homestyle is an ideal product for borrowers who have loan amounts which exceed FHA county limits or have an LTV of less than 80%.
•  Any type of structural and non-structural repair is eligible as long as it is permanently affixed to the property and adds value.
•  Eligible properties include: 1-4 unit principal residences; one-unit second homes; one unit investor properties including condos, co-ops and PUDS.
•  Renovations must be completed within a 12 month period.
•  Maximum Repair amount is 50% of after improved value.
•  Maximum LTV is 95% for one-unit principal residence; 85% for 2 unit principal residence; 75% for 3-4 unit residence and 90% for second homes.
•  All renovation work must be performed by a licensed contractor. The borrower must choose his or her own contractor to perform the needed renovation, subject to the lender’s determination that the contractor is qualified and experienced
•  Under Fannie Mae’s “Do It Yourself” repair option, which is available for one-unit properties only, the borrower may complete repairs that the lender reviews and approves in advance.

Many of the existing homes that are listed for sale in today’s markets are functionally obsolete because they are older and don’t have the amenities today’s buyers are looking for in a home.

The answer is you can get a mortgage to buy a house and fix it up at the same time using the same loan Renovation financing otherwise known as FHA 203K and FannieMae HomeStyle loans; provide solutions for this stalled market segment. The renovation financing revolution is in full bloom as home buyers are taking properties in need of attention and turning them into dream homes with help from the FHA and Fannie Mae.prequal-vs-preapproval

Call  Rick Cignoli @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage “Jump Start” Pre-Approval service

.

https://www.forbes.com/sites/markgreene/2016/01/19/203k-and-homestyle-mortgage-loans-the-renovation-revolution/#6f027b71e1a8