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Connecticut First Time Home Buyer
 Housing
Market
First of all, Connecticut has a glut of inventory of homes and now is time
to buy. Homes which have been sitting on the market since summer can be a great
buying opportunity for a first time home buyer and sellers are more willing to
pay most or all of the closing costs. Make sure to contact a good loan officer
ahead of time to structure a good zero money down loan with seller paid closing
costs and get pre-approved so you are prepared to make an offer with no money
out of your pocket at closing. Secondly, home appreciation rates will be steady
this year and you can expect a modest 2-3% increase in home prices this year.
Hartford, CT is one of the fastest growing cities with an appreciation rate of
3.3% and median home price of $256,710. The days of buying a home and flipping
it for a big profit is over and you need to stay in a home 3-5 years to reap a
gain. Finally, Stamford and Fairfield were ranked among the best 100 places to
live according to Money Magazine.
Special
Programs
Home Opportunities First Time Home Buyer Program Opens Doors for a New York
Fireman, Police Officer, Paramedic, Teacher, and health care worker such as Nurse.
This program features 100% financing with no income restrictions and the credit
score requirement is only 600. Also, you can have stated secondary income from
side job which you don't have to verify. In addition, higher than normal debt to
income ratios are allowable, up to 50%. Finally, we are offering a $500 credit
toward closing costs.
FHA Loans
You may want to consider an FHA loan which requires 3% down payment but
there are maximum loan limits which are stated for some of the counties below.
You don't need excellent credit to qualify and you can utilize down payment
assistance to qualify. Please visit
FHA mortgage limits
if your county doesn't appear below. Finally, if you intend to purchase a condo
then the building must already be on the
FHA approved list.
| City/MSA Name
|
County Name
|
One-Family |
Two-Family |
Three-Family |
Four-Family |
|
BRIDGEPORT-STAMFORD-NORWALK, CT (MSA)
|
FAIRFIELD |
$362,790 |
$464,449 |
$561,411 |
$697,696 |
|
HARTFORD-WEST HARTFORD-EAST HARTFORD, CT (MSA)
|
HARTFORD |
$333,735 |
$375,891 |
$456,690 |
$526,950 |
|
TORRINGTON, CT (MICRO) |
LITCHFIELD |
$285,000 |
$321,000 |
$390,000 |
$450,000 |
|
HARTFORD-WEST HARTFORD-EAST HARTFORD, CT (MSA)
|
MIDDLESEX |
$333,735 |
$375,891 |
$456,690 |
$526,950 |
|
NEW HAVEN-MILFORD, CT (MSA)
|
NEW HAVEN |
$293,075 |
$330,630 |
$401,700 |
$463,500 |
|
NORWICH-NEW LONDON, CT (MSA)
|
NEW LONDON |
$303,050 |
$341,330 |
$414,700 |
$478,500 |
|
HARTFORD-WEST HARTFORD-EAST HARTFORD, CT (MSA)
|
TOLLAND |
$333,735 |
$375,891 |
$456,690 |
$526,950 |
|
WILLIMANTIC, CT (MICRO) |
WINDHAM |
$200,160 |
$256,248 |
$309,744 |
$384,936 |
VA Loans
A VA loan is designed for a veteran or active military personnel. Zero down
payment is required and the loan limit is now $417,000. WestAmerica Mortgage Company
is a VA Endorsed Lender and we can get you pre-approved and email you a
preapproval letter in minutes. You can have less than perfect credit and still
qualify for a great rate so take advantage of your VA loan eligibility today.
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