FHA mortgage loans are an excellent source of financing in the State of Connecticut. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. FHA financing also allows gift funds as the down payment for purchase money transactions. Contact your mortgage professional at 888-275-6788 or via e-mail at info@bestnodocloans.com.FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
You may also qualify for FHA financing with limited tradelines on your credit report. FHA allows for 4 alternative credit tradelines such as rent, utilities, cell phone, or any other debt paid monthly to count as your credit history.
FHA financing also allows for owner-occupied purchases of 2-4 unit properties with only 3% down and a seller concession. Consult your mortgage professional for loan limits and details.
There is an FHA Program that allows for some home improvements/repairs to be financed into a purchase home as well. Ask your mortgage professional about FHA's 203k program as well as their "Streamlined K" program. These programs allow one to purchase fixer-upper properties with little out of pocket expense.
With many prime and subprime programs going away, FHA loans are a great way to borrow for those with a credit score below 620. Consult your mortgage professional to see how you can qualify for FHA financing.
