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USDA/Rural Loans In Connecticut
 
At McCue Mortgage we have always been able to do USDA or Rural Loans as they are also known, in conjuntion with a Connectiticut Housing Finance Authority Loan (CHFA), but not the stand alone or also know as a Market Rate USDA Loan.  The difference between the two is that CHFA/USDA is only available to First Time Homebuyers and the stand alone USDA Loan is available to everyone, as long as it is their only home. However, as of October we will be able to do both the stand alone USDA and CHFA/USDA Loans for our Borrowers in Connecticut.
This is a great opportunity for us at McCue Mortgage because now we are able to offer to both our First Time Homebuyers and Existing Homebuyers a no money down 100% finance loan product.  We will be following the USDA Guidelines with the exception of Credit Scores.  USDA allows for a 620 Credit Score, but we will be requiring a 660, otherwise all other USDA Guidelines will be followed.
 
 
New USDA/Rural Guarantee FEE & Monthly MI As of
October 1, 2011

 
USDA allows a Borrower to Borrow:  
Up to 102% Loan To Value (LTV). Can ... more

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