I would love to stop renting and purchase a home but between our student loans and car payments, we haven't been able to save money.

Asked by Carolina Reyes Price, Meriden, CT Wed Jul 14, 2010

Is it at all possible to buy a home in CT without a down-payment? My rent in PA is almost $1300 and I'm getting rid of some debt, so I know I can afford a mortgage. Would be newlywed couple and first-time homebuyers! I appreciate any information you can get me! Hoping to relocate to Central CT in March 2011.

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Wed Jul 14, 2010
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!
1 vote
Maria Cipoll…, Agent, Coral Springs, FL
Sun Jan 6, 2013
Is crucial that you shop around for a mortgage broker that can explore all your financing options. Mortgage broker have access to many banks, private lenders and different programs. Like you mention on your questions, you are not being able to save money paying $1300.00 per month. I am sure that a mortgage broker can tell you exactly how much mortgage payment you can afford and if you can be able to buy in the near future.

Best of Luck,

Maria Cipollone
Century 21 Tenace
1 vote
Janet Nation,…, Agent, Baldwin, NY
Tue Aug 10, 2010
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.
1 vote
southb, , Farmington, CT
Tue Sep 11, 2012
Do not listen to anyone who says they will give you a 100% mortgage -- that would put you in a terrible position -- suppose one of you were to lose a job? CT has some of the highest taxes and prices in the country, except for homes! I WISH I were paying $1,300/month in rent -- when I bought my condo 3 years ago, I thought we were at the bottom of the market. I was paying $1,000/month rent, and everyone told me that buying a house/condo and paying a mortgage would be such a great thing for my future. Come to find out, the condo I paid $225K for is now worth only $210K, my condo fees have gone up every 6 months for 3 years, my taxes just went up 7%, as have the costs of insurance, food, electric, etc., etc. Our governor continues to add taxes ... right now only the seller pays a tax; rumor has it that he's pushing for a tax on the buyer, too. There are no jobs in CT, either, and people are moving out faster than they are moving in. Keep paying rent and be glad you don't have the albatross of a mortgage around your neck, ESPECIALLY on a house in CT!
0 votes
Doug Murphy, Agent, Mansfield, CT
Tue Jan 4, 2011
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.
0 votes
Julie Nearing…, Agent, Unionville, CT
Wed Dec 29, 2010
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.
0 votes
Rob Giuffria,…, Agent, West Hartford, CT
Sun Dec 12, 2010
Hi Carolina,

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

Best - Rob
Web Reference:  http://www.CTRob.com
0 votes
Douglas Lede…, Agent, New Haven, CT
Tue Aug 10, 2010
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
CT Licensee
0 votes
Carla, Home Seller, Enfield, CT
Fri Aug 6, 2010
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
0 votes
Elizabeth He…, Agent, Agawam, MA
Sat Jul 31, 2010
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
0 votes
Joe Arnao, Agent, Sanwich, MA
Wed Jul 14, 2010
Best bet is to go to a local bank and talk to a lender. They will give you the advice you need to know.
0 votes
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