What is the Maximum FHA Mortgage Loan in Bloomfield?
The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house. So here are the current maximum FHA Mortgage Loan limits for Bloomfield, CT:
Single Family Home $440,000
Two Unit Home $563,250
Three Unit Home $680,850
4 Unit Home $846,150
The loan limits are similar in Middlesex and Tolland County. They are lower in Litchfield, New London, New Haven and Windham Counties. The loan limits are higher in Fairfield County.
What is an FHA Mortgage?
An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.
An FHA mortgage loan may be for the purchase of a home in Bloomfield that the borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers in Bloomfield, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.
Need an FHA Mortgage Loan or you would like to discuss your options?
Call me at (860) 306-8029 or send me an email (use the link in the right hand column) to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your Bloomfield, CT home purchase. If not, we’ll look at other programs and how they may benefit you more.
What is the Maximum FHA Mortgage Loan in Bristol, CT.:
The maximum FHA Mortgage Loans is different for each county and also for a 1, 2, 3 or 4 family/unit house. So here are the current maximum FHA Mortgage Loan limits for Bristol, CT.:
Single Family Home $440,000
Two Unit Home $563,250
Three Unit Home $680,850
4 Unit Home $846,150
The loan limits are similar in Middlesex and Tolland County. They are lower in Litchfield, New London, New Haven and Windham Counties. The loan limits are higher in Fairfield County.
What is an FHA Mortgage?
An FHA Mortgage loan is a loan that is insured by the Federal Housing Administration (FHA). FHA does not actually provide the loan; it insures the mortgage for the lender. Should the borrower on an FHA mortgage default the lender may receive payment from FHA for their losses. This insurance coverage reduces the lenders risk and makes them more able or likely to offer a borrower a loan.
An FHA mortgage loan may be for the purchase of a home in Bristol, CT. that a borrower plans to live in, or the refinance of a home they already live in. FHA mortgage loans are available to borrowers, regardless of whether they have owned a property before. You don't need to be a first time homebuyer in order to qualify.
Need an FHA Mortgage Loan or you would like to discuss your options?
Call me at (860) 306-8029 or send me an email (using the link in the right hand column) to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your Bristol home purchase. If not, we’ll look at other programs and how they may benefit you more.
Update on Home Sales in South Windsor CT Through March 2010
The median sales price for homes in South Windsor for January through March of 2010 was $257,500. This represents a decline of 0.2%, or $500, compared to the prior quarter and a decrease of 5.9% compared to the prior year. Sales prices have appreciated 14.4% over the last 5 years in South Windsor.
Average listing price for homes on Trulia in South Windsor was $288,836 for the week ending April 14, 2010, which represents a decline of 1.6%, or $4,740 compared to the prior week and a decline of 0.1%, or $170, compared to the week ending March 24, 2010. Average price per square foot for homes in South Windsor was $142 in the most recent quarter.
If you would like to a home or condo for sale in South Windsor please visit SouthWindsorRealEstate.com
South Windsor Mortage. Asking questions about your new loan can help you to make sure you save money shopping for your new loan. Here are 5 tips to saving money.
1. PAYING POINTS, IS THERE A BENEFIT OR DISADVANTAGE? A point is a one time payment at closing equal to one percent of your loan amount. Basically upfront interest. They make sense when you can get a return on your investment. If you can save 3 times as much over a 10 year period that you pay upfront and they could make sense. The do not make sense when you will not save enough to warrant the upfront cost, or if paying them will not lower your interest rate. When talking rate ask what options are available, what is the zero, one and two point rate. Which one is the best option? You may find the no point rate is the best deal, you might also be surprised to find how much you save with two points. Home Buyers who are being relocated to South Windsor and have a relocation package that includes up to two points, make sure to take advantage of the full credit in your new South Windsor Mortgage.
2. PREPAYMENT PENALTIES, DO I HAVE TO?. For the most part there is no need to have a pre-payment penalty. Ask if the rate you are being quoted has a pre-payment penalty, and if it does get an explanation of how it is computed and when it will apply. Allow yourself the flexibility to act if rates improve, or you want to sell. A prepayment penalty will be the exception today on your South Windsor Mortgage, but ask you do not want a surprise.
3. SHOULD WE GET A FIXED RATE OR ADJUSTABLE RATE SOUTH WINDSOR MORTGAGE? Long term rates are so attractive right now compared with short term rates, it often doesn't even make sense to talk about anything but a 30 year fixed rate. Why gamble with an adjustable 5/1 if you might be in the house 7-10 years if the 30 year fixed is just 1/8th percent higher?
4. THE QUESTION OF PAYING NO CLOSING COSTS OR TO PAY CLOSING COST? This depends on how long you intend to keep the property and the loan. People keep homes about 8 years, but mortgages about 5 years. With that in mind maybe paying $30 a month more on the loan and having no closing costs costs less over 5 years than $3000 in closing costs. But if you are going to be in that same loan and home for 15 years, it might make sense to pay the closing costs at closing. If you can get the seller to pay some or all of your closing costs, that can save you money as well. South Windsor Connecticut is a home buyers market right now, it is not uncommon to ask the seller to give a credit at closing for closing costs.
5. YOUR MORTGAGE AND TAX DEDUCTIONS Be an informed home buyer, seek the advice of a tax professional to fully understand the benefits of owning a home, and how the home and loan you select will impact your tax situation. If you would like a referral to a great accountant in Connecticut located right in South Windsor, check out Don Brooks & Associates.
Asking questions upfront can help you make sure you get a great loan when you get your South Windsor Mortgage.
West Hartford Mortgage. When it comes time to take out a mortgage on your new home in West Hartford you will have to choose between getting a fixed-rate mortgage or an adjustable rate mortgage. If you are unfamiliar with 
these terms here's a simple explanation of them both.
What is a fixed-rate mortgage?
A fixed-rate mortgage is a loan where the interest rate is fixed for the life of the loan. This mortgage offers the most peace of mind for most people purchasing a home in West Hartford because you can count on the monthly payments to remain the same for many years. It is the most popular West Hartford mortgage choice chosen for the dependability. The interest rate on a fixed rate loan will often be slightly higher than the start rate of an adjustable rate mortgage, but it never changes, never goes up.
What is an adjustable-rate mortgage?
An adjustable-rate mortgage is a loan where the interest rate is variable during the life of the loan. It will be fixed for a certain only a period of time, from one month to as long as 10 years. After that point the interest rate of the loan can adjust, going up or down in connection to a certain “index” like the prime rate, or LIBOR. They have limits to how quickly the payment can go up or down called “caps”. The starting interest rate may be lower than that of a similar fixed rate loan. While the lower initial payment can be attractive, but that payment could change and become unattractive. Before getting your West Hartford mortgage, talk about the pro's and con's to adjustable rate mortgages.
The decision of whether to get a fixed-rate mortgage or an adjustable rate mortgage will be influenced by many things. Some people just like the safety of the fixed rate loan. Call me to discuss your situation and if a fixed rate or adjustable rate is right for your West Hartford Mortgage needs at 860-306-8029.
Mortgage Banker offering Conventional FHA, VA, USDA Rural Housing Loans / CHFA First Time Homebuyer expert. Serving all of Connecticut. Experienced in FHA 203k Renovation Loans for Foreclosures.
People don't talk about it a lot. But finding the right mortgage professional can be the difference between a happy, stress-free experience, and an unhappy, stressful experience. Unlike a traditional "loan officer" who spends up to 90% of his or her time out of the office looking for new business from the general public, I work "By Referral Only". I am able to spend virtually 100% of my time focused on your transaction to make sure it closes on time, with minimal stress for everyone involved.
Since I am not out looking for new business, I am also not spending endless amounts of money on advertising. I don't have billboards all over town with my picture on them. I don't have an ad in the yellow pages, or in the local newspapers. What does this mean to you? You won't pay for my search for new clients, and I pass these savings along to you.
I help families like yours achieve their goal of financing their new home, or refinancing their current home in a way that helps them to feel so confident, relaxed and comfortable with the process and, most importantly, so happy with the results that they gladly refer me to their friends, family, co-workers and others they care about who may need my help.
I work for one of the fastest growing mortgage companies in the United States. It is a full service mortgage banker licensed to provide residential mortgage loans throughout the United States, including conventional, FHA, VA, USDA Rural Housing loans, Renovation loans, and Reverse Mortgages, as well as here in Connecticut CHFA loans for first time buyers.
“Jon is detail oriented, punctual and more important than anything else...he delivers even more than what I expected.
I highly 
recommend Jon.” Top qualities: Great Results, Expert, On Time.
Rob Makas
“It has truly been a my pleasure working with Jon over the years. Jon has been a client of mine while i worked in a couple of different capacities. Jon is an honest and hard working individual who is always looking out for the best interest of his clients. Jon is very knowledgeable and is an asset to his organization.”
Lou Bolella
“Jon did a great job getting an almost impossible mortgage for my client. He kept me informed each step of the way which is always appreciated in my industry. I would recommend Jon to anyone in need of financing.”
Blaik Lisella
To read comments from more happy customers, check out my LinkedIn.com profile. 
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