As you now know there are many programs out there for first time buyers. You can visit the HUD site https://entp.hud.gov:443/idapp/html/hicostlook.cfm . One great program is the 203K program which allows buyers to incorporate improvements to their new home into their mortgage-- To find out more, contact: Terry Terzakis at: firstname.lastname@example.org. He is located in Hamden, CT easy to work with and has a variety of options to offer.
Also, feel free to contact me or visit my website: http://www.CTHomeConsultant.com. I would be happy to answer your questions.
Talk to a few mortgage brokers. If you qualify for a first time buyer program, the loan you qualify for shouldn't change from broker to broker, but the closing costs might. Don't just look at the loan, look at the total cost. Each broker has their own closing costsand origination fees, so compare them as well. There are some brokers that will give you what looks like a great loan, but they charge high fees. If you would like a referral to a great loan officer, drop me an e-mail. I have a few I use regularly with great success.
If you would like help finding that first property that is just right for you, let me know.
This is a great time to buy for 1st time buyers in the New Haven area. Connecticut Housing Finance Authority (CHFA.org) offers first time buyers lower fixed rate 30 year fixed mortgages currently at 5.875%. If you qualify you can still do 100% financing and it's rolled into one payment. It's an great program! You also may have depending on where you buy a town or city incentive as well. If your not currently working and or under contract with another Realtor let me know - I'd be interested in working for you. Bye for now, Linda
As you know mortgage guide lines are constricting somewhat. Your most important task is to ensure your credit is the best it can be. Once you have been pre-approved, talk to your mortgage or bank rep to discuss your options.
I have listed a few below:
In addition to FHA which is geared to first time home buyers. Yale offers it's own home buyer program for employees http://www.yale.edu/hronline/hbuyer/
In addition, depending on your income there is the Grant Alliance Program http://www.cthomeconsultant.com/Buying/page_2048049.html.
Also, you can find information through local banks who work in conjunction with New Haven such as Peoples or Bank of America.
If you have any questions or need additional help, feel free to contact me.