What are my loan options for buying Connecticut property?

Guest 0.10 Dollars($)

We are fairly new here in US and it's been just a year so we could somehow managed to build up credit history under my earnings. I have a SSN and would like to buy our first home here in the US. I had to shift here for work but would like to stay forever. We are renting currently but we're lost, as we approached a broker and he tried to take advantage but fortunately we didn't go after him. We want to know step by step how to proceed, what to do, how to get the best interest rate. Do we need to seek FHa assistance or CHAFA help. We're in connecticut

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Lenders would like to see a continuous job profile for a couple of years & you are in US now for only 1 year now. But you need to talk to some lenders if they would still qualify you for a conforming loan.

And how much you are earning? CHFA has income & home price limits. Also tell us about the down payment you will be able to make and your other debt payments. All these will be checked at the time you apply for a mortgage.

Miller

blue · Posted: Wed May 16, 2007 5:19 pm Post subject:

Hi Abby,

Welcome to Mortgagefit discussion board.

I think you need to go through this section to know about the mortgage process - http://www.mortgagefit.com/guides/

After reading the topics presented in this section, if you have any doubts & queries, let us know & will try our best to help you out.

Thanks
Blue

Caron

Hi Abby,

Welcome to our forums.

The best thing will be to attend classes held for first time home buyers. Just contact your local HUD office and enquire about such programs. Its better that you get some knowledge of the special programs available for first time buyers and then start shopping for a loan. As far as I know, HUD provides counseling services that will help you to prepare a budget so that you can pay off the loan and carry out other expenses. The counselors will also help you to decide upon the mortgage that will suit your needs. As for a primary knowledge, I can tell you that FHA and VA loans are excellent for first time home buyers.

Good luck Smile

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