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USDA Loan Program
I am fairly new to USDA Loans, because in the past they were limited in where they could be done here in Middlesex County, Connecticut, where I do about 90% of my business. However, this loan program is now available in all of Middlesex County except Middletown, and Cromwell. In fact this Loan Program is now available in most of Connecticut. There are only three Counties that now have limited number of towns that it can be done in, Hartford County, New Haven County, and Fairfield County. The rest of the Counties in the State, there are only one or two towns in each County that it is not available.
Here in Connecticut my main go to Loan Product for First Time Homebuyers has been Connecticut Housing Finance Authority (CHFA) which I have blogged several times in the past about. But the USDA now gives me another Loan Product that will allow a Borrower to do 100% financing, and it is not just for First Time Homebuyers, existing homeowners can also qualify for this Loan Program as well. Also unlike CHFA, USDA does not have Sales Price Limits. Both Loan Programs do have Income Limits. CHFA has higher Income Limits for ... more

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