Areas We Serve
If you’re interested in buying a house in CT, you’ve come to the right place. We serve various cities through Connecticut, so no matter where you live, you can get a mortgage to buy your home. The areas in Connecticut that we serve include:
- New Haven
Our Connecticut Mortgage Programs
Our Connecticut mortgage lenders offer a variety of mortgage programs that prospective homeowners can use to buy a home. The mortgage programs that we offer include
- VA Home Loans
- Traditional Mortgage Loans
- Conventional Loans
- First-Time Home Buyer Loans
- USDA Loans
- Reverse Mortgage Loans
- Non-QM Loans
- Bank Statement Loans
- Jumbo Loans with 10% Down
- DSCR No Income Mortgage Loan
- Asset-Based Loans
- Foreign National Loans
- Interest Only Loans
- Recent Credit Event Loans
What Are the Options for a Home Loan in Connecticut?
Prospective homeowners have a few loan options when it comes to buying a house in CT. Some of these home loan options include:
- DSCR Loans: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
- Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
- FHA Loan: This type of loan is backed by the Federal Housing Administration and requires 3.5% down and a 580 minimum credit score. This is a good option for first-time homebuyers who can’t afford to make a large down payment.
- VA Loan: A VA loan is reserved for current or former service members only and requires zero down payment. The minimum credit score varies for each lender, but it’s typically 580. You can use a VA loan to buy a home, as well as build and refinance a home.
- USDA Loan: USDA loans are for people who live in designated rural zones and make a low-to-moderate income. For a USDA loan, zero down payment is required and the minimum credit score is usually 640.
- Bank Statement Loan: Bank statement loans are for self-employed borrowers who want to use 12 to 24 months of their bank statement deposits to qualify instead of their personal W2 and/or tax returns. A minimum credit score and at least a 10% down payment is required. Borrowers must be in business for at least 2 years.
Buying a House in Connecticut: Requirements and What to Expect
There are various things you need to consider before buying a home in Connecticut, such as the minimum credit score and down payment. It’s important to be aware of these criteria so that you can go into your home buying process fully prepared.
What Credit Score Is Needed to Buy a House in Connecticut?
The credit score that is needed to buy a house in Connecticut will vary depending on the type of home loan you use and your individual lender. However, most lenders will require that you have at least a 580 credit score in order to qualify for any type of loan in CT.
How Much Money Do You Need to Buy a House in Connecticut?
The amount of money that you need to buy to buy a house in Connecticut ultimately depends on the type of home that you buy and where the home is located. In order to buy a house in Connecticut, you most likely will have to make a down payment, but the amount of this down payment will vary depending on the home loan that you use. (VA loans do not require a down payment).
What Is the Current Mortgage Interest Rate in Connecticut?
As of May 31st, 2022, current mortgage interest rates in Connecticut are as follows:
- 30-year fixed mortgage: 5.20%
- 15-year fixed mortgage: 4.49%
- 5/1 adjustable-rate mortgage: 3.21%
How Much Do You Need for a Down Payment for a House in Connecticut?
The ideal down payment when buying a home in the U.S. is 20%, but many prospective homeowners cannot afford that much. Fortunately, there are various mortgage programs in Connecticut that offer much lower down payments.
The minimum down payment that’s required to buy a house in CT depends on the type of home loan that you use. For example, an FHA loan requires a 3.5% down payment, but a VA loan requires zero down payment. But when you use Griffin Funding as your Connecticut mortgage lender, we’ll make sure you get a home loan with a down payment amount that you’re comfortable with.
Is It a Good Time to Buy a House in Connecticut?
So now that you know how much down payment is needed for a house in CT, you’re probably wondering when the best time is to buy a house.
There is no “good time” to buy a house in Connecticut, as it ultimately depends on the housing market. However, if you want to find the lowest prices of homes in Connecticut, it’s best to look in the fall. But if you want the biggest selection of homes, the spring may be a better option for you. A good middle ground between those two is towards the end of summer.
Apply for Your Connecticut Home Loan
If you want access to the best home loans from top mortgage lenders in CT, look no further than Griffin Funding. With Griffin Funding, you can secure a competitive rate and affordable mortgage payment that is right for you. We offer a variety of home loans, so you can find something that works for your circumstances. Apply now and let us help you buy the home of your dreams.