The USDA Rural Development Program provides a great opportunity for today's buyers in Connecticut to purchase a home with 100% financing.
There are only certain areas in Connecticut that are eligible for the USDA program which can be found on this map. Homebuyers can purchase an existing home, condo or new construction.
One of the great benefits of this program is that it is not just limited to first time homebuyers.
Listed below are some of the highlights of the USDA Rural Development Program for Connecticut.
- Borrowers can borrow 102% of either the contract price OR the appraised value, whichever is higher.
- Homebuyer Education Class is not required.
- Many homes and areas in Connecticut are eligible.
- NO PMI
- Seller can contribute up to 6% toward closing costs and prepaids.
- 600 minimum credit score (lower in some cases)
- Must meet income restrictions.
- No swimming pools allowed.
There are some other restrictions that apply. If you would like more information about USDA financing and speak to a qualified lender in the area, please contact me for further details.
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Written and Posted by:
Donna Bigda - REALTOR®
RE/MAX Alliance - Branford, CT 06405
203-488-1641, x214
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Copyright © 2009 by Donna Bigda, All Rights Reserved ..,,*USDA Rural Development Loan Program - 100% Financing For Connecticut Homebuyers*
