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FHA Mortgages - VA Mortgages - FHA ARM Refinance Program : Connecticut

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Mortgage and Lending with Canopy Mortgage - Leo Namiot 89769

Federal Housing Administration - FHA Mortgage Loans

Military Veteran's and Those Serving Our Country  - VA Mortgage Loans

Below is some helpful information on FHA Mortgage Loans and VA Mortgage Loans.

To get started immediately click here for our FHA and VA Loans on-line application.

Federal Housing Administration Loans
Veteran Affairs Loans

FEDERAL HOUSING ADMINISTRATION LOANS

This loan is insured by the Federal Housing Administration. It is open to all qualified home purchasers.

FHA Mortgage Loan Products

FHA Loans - Buying a Home using a FHA Loan
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The FHA loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

  • Minimal Down Payment and Closing Costs.
  • Downpayment less than 3% of Sales Price
  • 100% Financing options available with approved down payment assitant programs 
  • Gift for downpayment and closing costs allowed.
  • No reserves or required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.
  • Easier Credit Qualifying Guidelines such as:
  • No minimum FICO score or credit score requirments.
  • FHA will allow a home purchase two years after a Bankruptcy.
  • FHA will allow a home purchase  three years after a Foreclosure
  • Easier Debt Ratio & Job Requirement Guidelines such as:
  • Higher Debt Ratio's than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

FHA SECURE:

WHAT IS FHASecure

FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.

WHO IS ELIGIBLE

To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:

  1. Have a non-FHA insured ARM that has reset;
  2. Sufficient income to make the mortgage payment; and
  3. A history of on-time mortgage payments before the loan reset.

Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.

By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.

203(k) Loans: This loan allows home buyers to finance both the purchase and rehabilitation of a home through a single mortgage. The home must be at least one year old. The cost of rehabilitation must be at least $5000. All cost of repairs including total property value must be within FHA maximum mortgage limit.

Have any questions about what we offer? Click here to send us a question and one of our consultants will contact you.

VETERAN AFFAIRS LOANS

The VA Mortgage Loan Program can make it much easier for Veterans to secure a home loan by eliminating the need for a down payment. Also, with careful structuring of the purchase contract, the Veteran can avoid needing cash for closing costs as well.

A VA Mortgage Loan offers a variety of financial benefits for those who qualifies. Over 60 million Americans qualify for benefits from the VA, but many people fail to take advantage of those benefits.

A VA Mortgage Loan can help you purchase a more expensive house,obtain a lower interest rate and offers 100% Financing! Are you eligible for a VA Mortgage Loan? Find out more about VA Mortgage Loans and Zero Down 100% Financing Without Mortgage Insurance for your Home Purchase or Refinance. Let Benchmark Mortgage help you get the a VA Loan at very competitive interest rates. APPLY NOW For A VA Loan.

Requirements

  • You must be an eligible veteran who has available home loan entitlement.
  • Your home must be occupied or be occupied in your ownership within a reasonable period of time after closing the loan.
  • You must have sufficient income to meet the new mortgage payments on the loan, this includes the costs of owning a home, taking care of other obligation and expenses, and income to support your family.
  • A good credit score is required.


FHA and VA Home Loans - Apply Online

Connecticut VA Loans / Connecticut FHA Loans

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