Ok, so it’s not Monday. I’ll fess up, I totally forgot to post this. So here it is: Mortgage Monday on Thursday nite. Sorry Phil. The days are flying by. The federal tax credit of up to $8,000.00 for first time home buyers and up to $6,500.00 for previous homeowners has 110 days to go before it expires. Real estate purchase and sales agreements have to be signed by April 30, 2010 and the closings need to take place by June 30, 2010. There are many mortgage finance options open to home buyers interested in taking advantage of the tax credits. The most popular mortgage program currently is the Connecticut Housing Finance Authority mortgage loan. CHFA is available primarily to first time buyers (someone who has not owned a home within the last three years). The current rate is 4.5% with 1 point for a 30 year fixed rate mortgage. In addition to CHFA, the State of CT offers the DAP (Downpayment Assistance Program) to provide closing costs and down payment monies for home buyers who have less than $5,000.00 available to them. The combination of these two programs allows for 100% financing with loans guaranteed or insured by FHA, VA or RD (Federal Housing Administration, Veterans Administration, Rural Development). These loans are carefully underwritten in order to make sure that the home buyer does not get in over their head financially. Also, all three agencies providing insurance or guarantees for CHFA also provide loss mitigation tools. These loss mitigation tools help homebuyers who may have problems with their payments due to job loss, death in the family or divorce. With 110 days to go until April 30th, now is the time to begin your home search. I hope to see you soon.  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. | 
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