FHA Lending in the State of Connecticut

FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.

With many prime and subprime programs going away, FHA loans are a great way to borrow for those with a credit score below 620. Consult your mortgage professional to see how you can qualify for FHA financing.

There is an FHA Program that allows for some home improvements/repairs to be financed into a purchase home as well. Ask your mortgage professional about FHA's 203k program as well as their "Streamlined K" program. These programs allow one to purchase fixer-upper properties with little out of pocket expense.

FHA financing also allows for owner-occupied purchases of 2-4 unit properties with only 3% down and a seller concession. Consult your mortgage professional for loan limits and details.

You may also qualify for FHA financing with limited tradelines on your credit report. FHA allows for 4 alternative credit tradelines such as rent, utilities, cell phone, or any other debt paid monthly to count as your credit history.

» DISCLAIMER: The information contained in this article on 'FHA Lending in the State of Connecticut' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.