Eastern Connecticut Mortgage Monday

Most of eastern Connecticut enjoys the benefit of being eligible for the USDA Rural Development mortgage program.  We are able to use the Rural Development program in conjunction with CHFA (www.chfa.org).  The Connecticut Housing Finance Authority allows for first time home buyers or people who have not owned a home in the last three years to buy a home with no money down when combining CHFA and RD.  These two programs will also allow the State of CT Downpayment Assistance Program to fund the closing costs and prepaid items.

The use of Rural Development allows for some houses to be mortgaged that may not have met the FHA guidelines.  One major difference is that RD will not require a home to be hooked up to city water if the city water is in the street.  FHA will require this to happen.  This potentially saves the prospective home buyer or the seller a few thousand dollars in hookup costs for a plumber, excavator and the town's fees. Rural Development is much improved from the old Farmers Home Administration program.  Consider using it for your first time home purchase.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.