Loan Types

Conventional home loans require a higher credit score. Also there is no required up front mortgage insurance as there is with an 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. 

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 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. 

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. 

 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.