What is the 2022 Maximum FHA Mortgage Loan in Southington, CT?
The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house. So here is the maximum FHA Mortgage Loan limits for Southington, CT in 2022 is:
Single Family Home $420,680
Two Family Home $538,650
Three Family Home $651,050
4 Family Home $809,150
The FHA loan limits are similar in Middlesex and Tolland County. They are lower FHA loan limits in Litchfield, New London, New Haven and Windham Counties. The FHA loan limits are higher in Fairfield County.
What is an FHA Mortgage?
An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the mortgage lender. This is similar to how VA loans and USDA loans work, the government guarantees them for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This mortgage insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.
An FHA mortgage loan may be for the purchase of a new home in Southington, CT that the borrower plans to live in, or the refinancing of a home they already live in. FHA mortgage loans are available to borrowers in Southington, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify. Most FHA loans are a fixed rate mortgage.
Need an FHA Mortgage Loan or you would like to discuss your options?
According to the Federal Housing Administration, the maximum loan amount for an FHA loan in Southington CT for 2022 is $420,680. This means that you can purchase or refinance a home with an FHA loan as long as it is below this maximum amount. The FHA loan program is a great option for those who may not have the best credit score or who are looking for a lower down payment option. If you are thinking about purchasing a home in Southington CT, be sure to check out the FHA loan program to see if you qualify and what the current interest rate is. Would you like an introduction to a mortgage lender or mortgage broker to talk about the right loan?
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