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Litchfield County Real Estate
Home
About
  • About Us
  • Our Realtors
  • FAQS
  • Blog
Selling
  • What is my home worth?
  • Recently sold
  • Seller Services
  • Videos
  • Seller Guides
  • Before & Afters LCRE
Buying
  • Find my dream home
  • Buyer services
  • Buying process
  • Mortgage Tips
  • Buyer Guides
  • Bank Owned Property
  • Loan Programs
  • VA benefits
CT
  • About CT
  • Lakefront property
  • New Construction
  • Litchfield County
  • Hartford County
  • Fairfield County
Contact
  • Directory
Commercial
  • Commercial
Rentals
  • Lease with us
  • Renters application
Login
  • Login
  • Sign up
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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. 

Add a footnote if this applies to your business

Mortgage Calculator.

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 

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Litchfield County Real Estate

44 Main Street, Torrington CT 06790

C: (860)806-4169 | O: 1 (833)528-6253

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