337 Chapel Street, Thomaston, CT 06787 For Sale – Eligible for 100% USDA Financing

NEW describes this home situated in a cul-de-sac on 1.3 acres bordering on private open land in Thomaston, CT. Oversized Out Building provides plenty of space for workshop, art studio or home based office. Motivated Seller.
And it’s Eligible for up to 100% USDA Financing. No Down Payment Required

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified First Time Millennial Home Buyers
•  No Down Payment Required! Up to 100% Financing of the home’s appraised value.usda 3
•  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 is cheaper than PMI on Conventional and FHA loans
•  No limit on Seller Contributions. No Limit on Gift Funds
No cash contribution is required from buyer

337 chapel street, thomasron

https://www.zillow.com/homedetails/337-Chapel-St-Thomaston-CT-06787/197816400_zpid/

pre-approval-2Reach out to Rick Cignoli @ 860.945.9284 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 with Rate Assurance service

Then call Bethany Lydem @ Team Stone Crest 860.596.0116   to schedule a showing and be ready to make an offer

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188 Litchfield Street, Thomaston, CT For Sale –Eligible for 100% USDA Financing

Recently remodeled comfortable colonial tucked away from the crowds but convenient commute is Eligible for up to 100% USDA Financing.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified First Time Millennial Home Buyers
♦ 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 is cheaper than PMI on Conventional and FHA loans
♦ No limit on Seller Contributions. No Limit on Gift Funds
♦ No cash contribution is required from buyer

 

https://www.zillow.com/homedetails/188-Litchfield-St-Thomaston-CT-06787/57820970_zpid/

Reach out to Rick Cignoli @ 860.945.9284 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 with Rate Assurance service

Then call Sue Holway @ Keller Wiiliams 860.601.8217 to schedule a showing and be ready to make an offer

329 High Street Ext, Thomaston, CT 06787 –Eligible for 100% USDA Financing

Move right into this 3 Bed, 2.5 Bath 1,748 Sq. Ft. Colonial. It’s Move In Ready

And … It’s Eligible for Up to 100% USDA Financing. No Down Payment Required.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified Millennial Home Buyersusda 3

♦ No Down Payment Required! Up to 100% Financing of the home’s appraised value.

♦ Reduced PMI is cheaper than premiums associated with Conventional & FHA loans

♦ 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 is cheaper than PMI on Conventional and FHA loans

♦ No limit on Seller Contributions. No Limit on Gift Funds

♦  No cash contribution is required from buyer329 High St Ext Thomastonhttps://www.zillow.com/homedetails/329-High-Street-Ext-Thomaston-CT-06787/72141793_zpid/

pre-approval 2Reach out to Rick Cignoli @ 860.945.9284 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 with Rate Assurance service.

Then call Bethany Lydem at Team Stone Crest 860.596.0116 to schedule a showing and be ready to make an offer.

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.

What Determines a Borrower’s Mortgage Rate?

Here’s a follow-up to my blog What Makes Mortgage Rates Go Up and Down. Now let’s talk about What Determines a Borrower’s Mortgage Interest Rate?

As we discussed, many factors determine the interest rate on a particular mortgage. A Interest Rates Will Riseborrower’s rate will reflect general conditions in the financial markets, the type of mortgage they chose, the lenders assessment of the risk involved in your financial situation and, of course your credit history.
That’s why a quick “rate quote” over the phone or a rate you saw online or pulled from a newspaper advertisement may not reflect the interest rate you will finally be offered once a lender has evaluated your specific circumstances as presented in your mortgage application.

Risk Matters
When lending money to finance a home purchase, lenders and their investors seriously consider the risk that these borrowers may not repay the money loaned to them. For example: the larger the down payment, the greater the investment in the property and the lower the perceived risk. Therefore, the lower the mortgage interest rate. Vice versa: The smaller the down payment, the less equity in the home and the greater the risk of default. The higher the risk, the higher the interest rate

When someone calls me inquiring about interest rates, I tell them, “I don’t sell interest rates.” I go on to explain, “There is no “one low mortgage interest rate.” Rates fluctuate daily-even hourly-with movements in the financial markets. A borrower’s final interest rate is determined on the day it is “locked” by an assessment of:FHA MI
•  Mortgage type
•  Mortgage term
•  Loan amount
•  Type of property
•  Credit Score
•  Debt-to-Income Ratio
•  Amount of cash the borrower will contribute to the down payment, closing costs and points.
I might tell them, “Today, at noon on July 2, 2014, it is conceivable for a buyer want to buy a single-family home selling for up to $400,000 with a conventional 30 year fixed rate mortgage has a credit score greater than 740, is able to make a 20% down payment and is willing to pay all closing costs and about 2 points to get a rate in the 4.00% range. If any of these criteria do not fit your situation, then the rate will be higher. How does that sound to you?”

Bottom Line
In the final analysis, it is the borrower’s unique personal situation that determines his/her final mortgage interest rate. His financial position will help him decide which mortgage program right for him and what interest rate scenario is right for his family budget, how big a house he can buy and how large a mortgage he can afford to repay. My job was to guide you to that decision.

Do not hesitate to reach out to me with any questions or concerns you may have about how your situation might impact your mortgage interest rate. I’m here to help.