If Connecticut homeowners were waiting for a whistle to blow before going down to a trusted local lender to refinance their mortgage then let this article sound the whistle! My conclusions were confirmed last week when I was sitting on the sideline of a basketball game at my gym and the senior accountant of a major investment firm politely told me how he never thought he would state that we were in a recession, but now he was telling as many people that he could to hunker down for the financial storm. This echoes my concerns because for the last several months I have written several articles encouraging Connecticut homeowners who have adjustable rate mortgages to trade them in for low-rate FHA fixed mortgages due to the changing climate of the mortgage market.
The saving grace for many Connecticut homeowners is that FHA loan requirements have undergone major changes for Connecticut mortgage loans. The changes were welcome and specifically help those homeowners with adjustable rate mortgages. If you may be one of the many homeowners that have been looking to refinance your Connecticut home loan, this may be the lifeline that you were looking for. But before you go and give out your vital information you need to know the new FHA guidelines.
Here are some of the major changes and program terms:
The increasing FHA loan limits are long overdue because many Connecticut adjustable rate mortgages have mortgages that exceed the previous FHA limits but are lower than conventional mortgage loan limits. Additionally, most Connecticut homeowners with adjustable rate mortgages are somewhat protected because of a maximum interest rate limit that is on their adjustable rate mortgages that prevents their monthly payment from increasing dramatically.
After looking at dozens of mortgage programs over the years it is tough to find a better mortgage program than the CT FHA home loan. With a Connecticut FHA home mortgage you can have a six percent interest rate on a thirty year fixed FHA mortgage loan. The other facet of a CT FHA mortgage program is the homeowner’s assistance program if you fall on tough times and need some assistance to make your payments. I may sound like a broken record, but do not take the risk of waiting for your mortgage to adjust when you can simply take advantage of a FHA government home loan that will give you the stability and monthly savings you need to have a great quality of life.