Connecticut USDA Mortgage
A Connecticut USDA Mortgage is a great option for many Connecticut Residents. The “Rural Housing” USDA Loan is a true 100% financing program federally insured by the US Department of Agriculture. It is called a Rural Loan by the USDA because it is handled by the Rural Development Department.
A Connecticut USDA Mortgage is are home purchases only. Furthermore, the property can not be income producing. As a result, this program does not allow for multi-family properties or properties with commercial farming capabilities.
USDA loans have very attractive features for homebuyers:
- $0 down payment. 100% purchase program.
- Low monthly mortgage insurance compared to other mortgage programs such as FHA.
- There are limited asset requirements/ reserve requirements.
- Finally, this program has competitive interest rates.
You do have to meet a few qualifications in order to get a USDA loan:
- The property has to be in an eligible area.
- The program has income limits.
USDA loans are sometimes overlooked because they are believed to be just for rural properties. As a result, borrowers do not consider this loan as an option. But, a great portion of Connecticut is USDA eligible.
If you have any questions or to see if you qualify please contact me today. We will work with you every step of the way. We are more than happy to come our in person and meet with you.
Thanks,
Michael Meyer
Residential Mortgage Loan Originator for Northeast Financial
President/Spartan Commercial Mortgage
Personal NMLS#117875
Mike@spartancommercialmortgage.com
860-876-0572
Northeast Financial NMLS#117273
48 Meriden Rd Middlefield, CT
Residential Clients: Click Here For Application