Connecticut Housing Finance Authority USDA Mortgages In Portland CT

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

The Connecticut Housing Finance Authority USDA Mortgages In Portland CT is a combination of both a Connecticut Housing Finance Authority (CHFA) Mortgage and a Rural Development USDA Mortgage.  CHFA/USDA is funded by CHFA, but insured by USDA. As a result this Loan Program has to meet the stricter of the two Loan Program Guidelines except for Downpayment and Monthly Mortgage Insurance (PMI).

The Connecticut Housing Finance Authority USDA Mortgages In Portland CT is available in not only Portland, CT but also in all Connecticut towns that are colored green in the map above.  CHFA/USDA Mortgage Program consist of the following:

  • Is for First Time Homebuyers only unless the town has a targeted area
  • Does require any Downpayment.  It is truly a 100% finance loan program
  • Has same low interest rate that the regular CHFA Loan Program
  • Follows CHFA Sales Price Limits
  • Follows CHFA Income Limits
  • .30 Monthly Mortgage Insurance (PMI) Multiplier.
  • Qualifying Ratio's are 29/41
  • Minimum 660 Credit Score.
  • 2% Funding Fee
  • Can only finance Up to 100% of Sales Price
  • Downpayment & Closing Cost Assistance (DAP) available to cover Closing Costs and USDA Funding Fee for qualified Borrowers
  • Appraisals are done by FHA approved Appraisers

The Connecticut Housing Finance Authority USDA Mortgages In Portland CT has the lowest monthly payment of any of Connecticut's Mortgage Programs except for a CHFA/VA Mortgage which will be the topic of a later blog in this series.  This means that First Time Homebuyers can purchase a higher price house with a Connecticut Housing Finance Authority USDA Mortgages In Portland CT, than they can with other 100% Mortgage Programs, except CHFA/VA

So if you are a First Time Homebuyer looking to purchase your first home in Portland. CT or in any other Connecticut town that is colored in green in the map above, then the Connecticut Housing Finance Authority USDA Mortgages In Portland CT is the perfect loan program for you.

To learn more about the Connecticut Housing Finance Authority (CHFA) USDA Mortgage Program and other CHFA Programs, visit the Connecticut Housing Finance Authority (CHFA) Webesite.

 

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Location:
Connecticut Middlesex County Portland
Groups:
Realtors®
Mortgages
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Rainmaker
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Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, I'm glad to see programs like this that are a positive force in helping new, qualified buyers into homes they might not otherwise be able to afford...and of course it helps to keep the housing market going.

Jun 30, 2012 07:35 AM #1
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