Connecticut Home Mortgage:  FHA Mortgage Loans for Everybody!

There's good news for Connecticut homeowners.  FHA loan requirements have changed for Connecticut mortgage loans.  More specifically the changes directly impact Connecticut adjustable rate mortgages.

If you are one of the many homeowners that have been looking to refinance your Connecticut home mortgage then you need to know the new FHA guidelines changes.

The main reason for this change is because Connecticut adjustable rate mortgages have interest rates and payments that have reset.  Reset means that the rate and monthly payment has adjusted upward based on a number of factors determined by a group of banks or lending institutions. 

Most Connecticut adjustable rate mortgages have a "cap" that prevents your monthly payment from increasing too much at once.  However, that cap usually is about 5 percent higher you’re your current interest rate.

The solution to avoiding your Connecticut mortgage home loan from resetting is the FHA loan. 

With a low FHA mortgage loan you can have a FHA loan rate in the 6’s or 7’s and you will have FHA refinancing assistance if you hit a tough patch and need a break on a couple of payments.

While you might choose an ARM to take advantage of a lower introductory rate and count on either moving, refinancing again or simply absorbing the higher rate after the introductory rate goes up, in this market that can mean the difference between losing your home and having the lifestyle that you desire.  You don’t have to take that risk when you can take advantage of a FHA government home loan that will give you the stability and monthly savings you need.

If you want to apply for a low-interest rate mortgage call us today at 203-483-0061.