FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Connecticut borrowers the opportunity to secure home loans, when they don't quality for other conventional loans. For example, prospective Connecticut homeowners with little credit history or poor credit history are sometimes able to qualify for FHA loans.
Connecticut FHA Loans for First Time Homeowners
FHA loans are ideal for first-time homeowners due to low downpayment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Connecticut
FHA also offers a refinancing option for Connecticut homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements - Connecticut
- No income limit
- Connecticut borrower credit score flexibility
- 3.5% down payment on Connecticut Purchase Loans
- Bankruptcy: CT FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Connecticut (CT) FHA Loan Limits
FHA loan limits in Connecticut vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties in Connecticut), etc. Please contact Home Point Financial for details on loan limits for FHA loans in Connecticut (CT).