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Southbury, CT Real Estate News

By Dan Ianniello
(Connecticut Home Mortgage)
  One of the most exciting new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time Homebuyer Tax Credit. The credit is designed to encourage first-time homebuyers to go ahead and make the leap to purchase their first homes. If you have been on the fence about buying your first home combine this tax credit with the fact that home prices and interest rates are at historical lows, and indeed it is an ideal time for many first-time homebuyers to purchase homes.  The fact that this credit is only available until July 1, 2009, potential buyers would be smart to take advantage of this unique opportunity.  How often are you given the chance to put $7500 in your pocket especially for purchasing a new home?      Here are some things to keep in mind: The credit is availa...
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By Dan Ianniello
(Connecticut Home Mortgage)
    I have been getting quite a bit of questions lately such as are banks still doing mortgages?  Do you have to put 20% down?  Do you have to have perfect credit?  Are there any no income verification loans?  Are rates going down? So I thought I would share the answers: Banks are very much still doing mortgages. Fannie Mae, Freddie Mac, FHA will all still do loans with as little as 3% down at still very attractive rates.  VA and CHFA still do 100% financing FHA will still write loans with credit scores as low as 580.  Fannie Mae and Freddie Mac are looking for 620 or better. You can still do no income verification loans with as little as 25% down. The Fed has been cutting the Fed Funds rate (a half of a percent this week to 1%) but fixed rates have stayed between 5.875 and 6.875 with ...
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