Connecticut Mortgage Rates
August 28, 2016 08:05 AM Eastern
Connecticut Mortgage Rates and Loan Options
Connecticut ranks among the smallest U.S. States based on its land area, though it ranks among the highest in population density within its centrally located metro areas. Cities like Bridgeport, Hartford, New Haven, Middletown, and Stamford are known as much for their affluence as they are for their world class educational institutions such as Yale and Wesleyan University.
Connecticut, as a state, has the one of the highest median incomes in the country and one of the highest property tax rates to go along with it. The cost of living and the median sales price for homes in Connecticut are higher than most other areas of the country. As such, borrowers seeking government backed and insured loans are allowed higher maximum loan limits. Residents should keep this in mind when considering purchasing a home, and researching current CT mortgage rates.
Mortgage Interest Rates for Connecticut FHA Insured Loans
The Federal Housing Administration (FHA) makes available higher loan limits for borrowers seeking to purchase homes in areas with a higher median home value and higher cost of living. These loan limits will depend on the area of CT in which you reside.
Other government backed loans, such as those made through conventional lenders for Fannie Mae or Freddie Mac, also have loan limits in each county. For information about current loan limits in Connecticut, please visit: https://entp.hud.gov/idapp/html/hicostlook.cfm.
For all FHA insured loans, mortgage rates are set by lenders at the prevailing market rates. The interest rate you will qualify for will ultimately be based upon your level of income and credit score.
Loans for New and First Time Homebuyers in CT
The Connecticut Housing Finance Authority, in conjunction with its lending partners, offers mortgages to first time homebuyers and those who have not had ownership interest in a home for the previous three years. The loans are procured through the Homebuyer Mortgage program and are reserved for those buying moderately priced homes, and those buyers with low or moderate income, according to each city's respective median income limits.
Connecticut Mortgage Rates and Loans for Special Employment
Connecticut has a great reputation of taking care of its municipal workers and military veterans, with several loan programs available for special employment sectors, including:
• Members of the U.S. Military, Active Duty, Guard, Reserve or veterans who served in the US Armed Forces, and who were discharged or released under conditions other than dishonorable
• Municipal and State Police officers in designated areas of the State looking to purchase their first home
• Teachers working in priority or transitional school districts or teaching in a subject-matter shortage area.