CHFA has dropped it’s rate for 1st time
homebuyers to 4%. This is a 30 yr low and makes buying a home more affordable than ever. Whether you own/rent or even if you are not a 1st time buyer
this news is great for the economy in general. Let me know if I can help you, your family or friends find a home today. With this low rate, and the values of our homes in CT, now is the best time to buy or sell.

Remember, I am never to busy for your referrals, and I appreciate your confidence in me.
Warm regards,
Jackie
Jacqueline S Williams
President/Broker
Sterling, Realtors
27 Pleasant Street
Middletown, CT 06457
860.638.7413 cell
860.343.3820 office
860.346.3906 fax
www.sterling-realtors.com
It’s more than our name, it’s the way we do business

When a lender makes a decision about a mortgage application, they consider two basic factors: 1) your ability and 2) your willingness to repay the loan.

Ability to repay the mortgage is determined by verifying your current employment and analyzing your total income. Lenders prefer for you to have been employed at the same place for at least two years, or at least be in the same line of work for a few years. Your proposed monthly payment will be compared to your monthly income and debt.

Willingness to repay is influenced by how you have paid previous loans and by examining how the property will be used. Willingness can be gauged by your > credit report and previous commitments to pay rent and/or utility bills. There is also a greater tendency to stick with your payments if you live in a house as opposed to a rental property or vacation home.

It is important to remember that there are no set rules and each applicant is handled on a case-by-case basis. Many applicants come up a little short in one area but make up for it with other strong points. These compensating factors may include a large down payment solid employment extensive educational background or overall financial health.

For applicants who need to make a lower down payment mortgage insurance is protection for the lender in case you stop making payments. This allows low and moderate income families to become homeowners with low down payment programs.

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1. New/First Time Buyers are offered a maximum $8,000.00 tax credit. This credit is equivalent to 10 percent of the purchase price of the home, although it is capped at $8,000.00 and applies only to first time homebuyers and principal residences.

2. First time buyers are considered as such - a first-time home buyer is someone who hasn’t owned a principal residence for three years before buying another home. The date of purchase is typically considered the day that the title is transferred. If you have owned a vacation home but not

a principal residence within the past three years you would still qualify for the credit. 

3. The key is 2009. Only those who on or after January 1 and before June 1, 2010 are eligible for the tax credit.

4. What are the income limits? The tax credit is subject to income limitations. Single buyers need an adjusted gross income of $75,000 or less to qualify for the full credit, that’s $150,000 for married couples. Those earning more than these thresholds might be eligible for reduced credits.

5. Buyers beware because you have to own the home for at least three years in order to capitalize on the credit. If you sell the home before the three year period you will have to return the credit to the government.

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