From the rich history of Hartford to the beautiful coastal town of New Haven, there are plenty of reasons to buy a home in Connecticut. There are many mortgage options on the market, so buyers need to be careful not to think of the home loan process as a sinking ship. For those looking to purchase their home without a huge down payment or inflated credit score, an FHA loan in Connecticut may be a life saver.
A Connecticut FHA loan is an option many Connecticut residents find appealing when deciding how to finance their home. Generally, down payments and credit score requirements are lower than conventional loans, so borrowers can save money with buyer-friendly interest rates.
Connecticut offers a wide variety of geography ranging from beaches to scenic mountain views and vineyards, which makes it a great place to settle down. Connecticut has many beautiful homes to offer, and an FHA loan is a reliable way to finance it. This is reflected in the total value of nearly $128 million in FHA loans granted as of April 2019.
There are maximum FHA loan amounts homebuyers can borrow in Connecticut, so you'll want to have some idea of how much you can borrow before you start shopping. The maximum is adjusted every year and depends on where in Connecticut you decide to buy a house. For most of Connecticut the loan limit is $314,827, but some counties differ. For example, if you are looking in Fairfield County the maximum loan limit raises to $601,450. See the table below for a full list of Connecticut FHA loan limits in 2019.
|County||FHA Loan Limit|
|All other areas||$314,827|
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.