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Loan Types
Ask your lender what works best for you.
Conventional
Conventional home loans require a higher credit score. Also there is no required up front mortgage insurance as there is with an FHA.
FHA
Federal Housing Administration (FHA) Loans are backed and insured by the Federal Housing Administration. They typically have a lower down payment amount with assistance available for those who qualify.
USDA
The United States Department of Agriculture (USDA) developed the rural development loan to provide a 100% home financing option for home buyers in select areas.
CHFA
CHFA created a first-time homebuyer program exclusively for residents in CT. This exceptional program opens homeownership opportunities for individuals that either may not qualify for other lending programs, or that do not have enough money for a down payment or closing costs.
VA
If you are a military veteran, or if you are currently serving in the military, you may be eligible for a VA Home Loan. They offer low interest rates and no monthly mortgage insurance premiums. You are not required to have money for a down payment.
203k
The FHA 203k is offered by the Federal Housing Administration, which enables homebuyers to buy and fix-up a property with as little as a 3.5% down payment. Rather than buying a home and then using their own cash for improvements, homebuyers can finance repairs and improvements into the mortgage loan.
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VA Programs
Thank you to all who have served!
Litchfield County Real Estate appreciates and honors everyone who served! We would like to pay it back.
We give Back
Every Litchfield County Real Estate agent gives back 10% of their commissions to our Veterans and Service member clients.
Experienced Vendors
We can help guide you with the right experienced professionals to make your journey as seamless as possible
Types of VA Loan Programs
VA Purchase Loans
VA Cash-Out Refinance
VA Cash-Out Refinance
- For new or existing homes.
- You must check with different lenders first to see if the property type you want qualifies. For example a lender might not finance a duplex
VA Cash-Out Refinance
VA Cash-Out Refinance
VA Cash-Out Refinance
- Allows qualified homeowners to refinance their mortgage and take out cash from their homes equity
- Open to Vets with and without current VA loans
- Don't need to take out cash, you can sue this option as a basic rate and term refinace
VA IRRL
VA Energy Efficient Mortgage
VA Energy Efficient Mortgage
The VA Interest Rate Reduction Refiance Loan. Aka "VA Streamline".
- Low refinance loans
- some don't require underwriting, income verification or an appraisal.
- Must currently have a VA loan
- New Rate must be smaller than your current rate
- Time limit on the time it takes to recap cost+fee's
VA Energy Efficient Mortgage
VA Energy Efficient Mortgage
VA Energy Efficient Mortgage
- VA allows Vets to borrow additional money to pay for energy efficiency improvements to a home, as part of a home purchase or a refinance.
- Can refinance up to $6,000 to cover qualified permanent improvements such as:
- storm/thermal windows
- heat pumps
- solar heating
- cooling
Benefits of VA Loans
No Down Payment
No prepayment Penalty
No (PMI)
Private Mortgage Insurance typically disappears when 20% equity is in your home.
Higher Allowable DTI Ratio
Lenders look at the ratio of monthly income to your total monthly expenses. VA typically wants to see DTI of 41% or less but it's possible with over 41% to still secure VA financing
Refinance Options
VA has a pair of refinance loans (IRRL) and the (VA-Cash Out Refinance)
Flexibility with Bankruptcy and Foreclosure
Some borrowers who qualify can be eligible for a VA home loan after 2 years
Higher Allowable DTI Ratio
Lenders look at the ratio of monthly income to your total monthly expenses. VA typically wants to see DTI of 41% or less but it's possible with over 41% to still secure VA financing
Closing Costs
Limits on closings costs, VA borrowers are barred from paying closing costs in some instances
Litchfield County Real Estate
44 Main Street, Torrington CT 06790
C: (860)806-4169 | O: 1 (833)528-6253
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