Current Tough Housing Market
Owing to the recent mortgage meltdown, it has become very difficult to save enough money to purchase a home in Connecticut. With the sky high property rates and substantial down payment amount, it has gone beyond the reach of a person belonging to middle or lower middle class to afford a new home. To help people buy homes in Connecticut, USDA offers loans at really affordable interest rates and allows a person to buy homes without any down payment. USDA Loans in Connecticut offers loans even if you do not have a great credit history, thus making home buying an affordable activity.
Connecticut USDA Home Loans
If you reside in Connecticut and looking for non-traditional mortgage options then USDA Loans in Connecticut will serve as an ideal loan option for you. This unique loan program has been specially designed for those belonging to the low to moderate income families and cannot afford the conventional home loan models owing to the huge costs associated with it. The best part of the USDA Loans in Connecticut is that it requires no down payment thus saving you from paying a hefty amount. The USDA loans in Connecticut will lend you up to 103.5% of the appraised value of the home, requires no cash reserve. All these factors make these loans the best way to buy a home in Connecticut.
Connecticut USDA Home Loan Property Requirements
In order to get Connecticut USDA Home Loan, you need to meet the eligibility criteria as mentioned by USDA. The guidelines are related to income, credit history and property. The most important criteria is that you should be a citizen of Connecticut and the home to be bought should be situated within the designated area of Connecticut. USDA designated areas are usually any farm area with large open spaces, or rural communities that are small in size and has population less than 25,000 people.
It is not necessary that homes which may be aided by USDA should be situated in only in farmlands or isolated rural areas.
USDA Connecticut Loans Eligibility Guidelines
Since USDA Connecticut Loans are meant for moderate to low income families, they have a maximum USDA rural home loan qualifying and income limit criteria. To become eligible for USDA loans in Connecticut, your household income should not exceed 115% of the median family income of Connecticut area. You should also have credit rating of above 640, however the lower limit being 580. To be eligible for USDA Connecticut Loans you must have a regular income to be able to take care of maintenance costs like insurance, utilities bills, etc.
If you are interested in USDA Connecticut Loans and wish to learn more about it, then, get in touch with a USDA Loan representative today!
