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2. Looking for a Home >> State of Connecticut Home Page >> Mortgage Library - Articles Companies that help First Time Home Buyers in Connecticut.

What you should know as a Connecticut first time home buyer.




Is it time to be evaluating your ability to afford your first home. As with everything else, first-time home buying is a process with many options. If you rely on dated or "what you heard" information, it may lead you to the wrong conclusions about what you can or cannot afford.


Let's look at some of the facts:


The average rental in this area is $1,200 for a one-bedroom. By purchasing a home instead, even though the mortgage payment (including property tax and home insurance) may be well over $2,300 a month, the interest on the loan plus property tax is an allowable tax deduction that you can take straight away. This can translate in to a $200,000 to $375,000 loan amount, depending upon the mortgage program chosen.


Although appreciation of real estate varies by town, last year's home prices increased by 10-15% on average - better than any savings account interest rate! This also means that the longer you wait to buy, the more difficult it becomes to afford your first home.


Even with little or no savings, many first-time buyers may qualify for 100% financing and 6% sellers' contribution toward closing costs. These programs have specific guidelines for credit scores, debt ratios and documents, which need to be reviewed.


Even with little or no savings, many first time buyers may qualify for 100% financing and 6% seller's contribution toward closing costs.


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A credit review is an important part of the process and should be done with your mortgage professional. On average, 25-30% of all credit reports have errors.


As a first-time buyer, you are considered more flexible with closing dates because you do not have a home to sell. This is a plus when you begin your search.


Being a homeowner will reduce your taxes, which translates to more money in your paycheck.


Acorn Home Mortgage works closely with first-time buyers in order to assist you throughout the process. It is important as a first-time home buyer that you have all of your financial "ducks in a row" before you begin to look for a home. If needed, we work with many experienced local Realtors throughout the area who will assist you in your search once you are qualified.


It is important to work with a local mortgage company like Acorn Home Mortgage, which knows the property tax rates, filing fees and legal costs, etc., in your area. For additional information, contact either Jean Dunphy or James Lane at 1-203 682 0246 or through our secure interface
contact Acorn Home Mortgage




 



Tel. 203 682 0246
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