Carolina,
I can understand how you might feel that it makes sense to pay a $1300 mortgage rather than a $1300 rent payment. However, you need to make sure that you have enough money to comfortably cover extra maintenance expenses that may come up with a property in addition to just the mortgage. You don't want to end up owning something and then not being able to fix it. Also, you need to make sure that in addition to not having debt you should have a savings cushion of 3-6 months living expenses so that in case of a temporary hiatus from your income such as job loss, you can keep paying the mortgage. Finally, I would also be asking myself if my life situation were stable enough to be able to hold on to the property for a long time (longer than 5 years) to make sure I don't get stuck having to sell a property in a difficult market, especially if it were purchased with no down payment or a low down payment.
Having said that, contact a mortgage specialist from a local bank in the area you want to move who can talk with you about the qualifications for CHFA, a State of CT financing program, as well as FHA loans. There are other programs with low down payments as well such as HDF.
You can google any of the above terms in Central CT to find the resources you need.
Good luck and congratuations on becoming a newlywed!

Unfortunately $1300 rent is not equal to $1300 in mortgage payments even if you are factoring in principle, interest, insurance and pmi. There's also the never ending repairs and maintenance of the home, oh and you have to eat too. The student loans and car payments could get in the way increasing your debt to income ratio to unacceptable levels. I personally recommend you start by going to a bonifide lender to check on your affordability, you might not have an option. All the best on everything.

Currently the USDA program may be for you with 100% financing. It does however have restrictions as far what rural areas you can purchase a home from. If you need a recommendation for a few lending institutions, pleas fell free to contact me.

There are some special programs out there for first time home buyers that you could take advantage of. But remember closing costs are there too, they average between 5-7k just to close the house which include taxes in advance, fees to Lawyer and mortgage co etc. You can still ask for the seller to pay some of all of the costs, which can help out a great deal. A quick call to a local Ct mortgage Broker will steer you in the right direction. They will be able to calculate exactly what you should pay a month, based on your current monthly debts.

I commend you for paying down your debt in order to move forward to building your new life together. I have some mortgage companies on my site listed in this post. Good luck.

Hi Carolina,

Yes, 100% finance programs are still available. Please use the link to our website and click "Get a mortgage".

Best - Rob

There are still some options out there for you.

I just helped a buyer do a 104% financing deal.

Feel free to contact me if you want more info or to discuss options.

Douglas Ledewitz, Broker/REALTOR
Pulse Realty LLC
817 Grand Ave
New Haven, CT 06511
203-672-4888 Office
203-305-5282 Cell
203-789-0776 Fax
doug@pulserealty.com http://www.pulserealty.com
CT Licensee

I am selling my house in Enfield CT which is approx 1/2 way between Hartford CT and Springfield MA. Very safe town (check stats) and has a lot to do for children. My house is in a very smwll neighborhood and is very convenient to I91 See below:

Before you look for another rent or rent option please check this out.
Why rent if you can buy and have the same (or less) monthly payment? Are you looking for that house to call home? Well, I have the home for you located in Enfield CT. NO it is NOT for rent or a rent option. That WOULD be a WASTE of your hard earned money. You can purchase this home with special financing offered thru a lender I am working with. I AM the homeowner!! Your mortgage including taxes and insurance would be $1000 - $1300. It is a 7 room 3 bedroom ranch on a slab foundation (no basement). Has open floor plan and energy efficient radiant floor heat. One full bath, dining room, living room, laundry room (which can be used for other purposes) and kitchen along with 3 bedrooms. Plenty of closet space as well as drop down stairs to attic. Located on .36 acre corner lot all fenced in. Less than ¼ mile from I91 Northbound/Southbound!! Call 860-794-2931 or email me at budrusty@aol.com for more details or to schedule to see it today!!
AND you do NOT need perfect credit with my lender!! If your median credit score is at least high 500's or above and your gross income is over 35K you just may qualify. So, what are you waiting for. Call or email me today!!! Asking price is $174900

Depending on the area in which you're buying you could be eligible for a USDA 100% financing loan. The next best thing would be an FHA loan which requires 3% down.

I'm licensed in CT so if I can be of any further assistance please feel free to contact me at elizabeth@elizabethherbert.com

Best bet is to go to a local bank and talk to a lender. They will give you the advice you need to know.
Congrats.