Conventional Mortgages allow both owner-occupants and investors to purchase 1-4 units, townhouses, approved condos or PUDs.
For Qualifying Ratios, see your Loan Originator
The first 5% down payment must come from the borrower’s own funds. After the initial 5%, remaining funds needed for closing may be supplemented with a gift from a relative or a seller’s contribution. Lower downpayment options available.
For owner-occupant transactions, the seller can pay up to 3% toward closing costs on loans with 5% down.
New conforming loan limits for Fairfield county:
1 unit 695,150
2 units 890,100
3 units 1,016,650
4 units 1,338,000
*higher loan amounts are considered jumbo
Buydowns are permitted on all fixed-rate mortgages to enable borrowers to qualify for a higher loan amount.
FHA Mortgages allow borrowers to purchase 1-4 units, townhouses, condos or PUDS.
Minimal down payment of only 3.5% required
Qualifying ratios are 31/50 (Can be higher with compensating factors)
Gift may be used for the down payment, closing cost and prepaids if the donor is a relative of the borrower, a close friend or employer.
85% of rental income can be used to qualify for multi-family properties
Seller contributions not to exceed 6% of the sale price, which may be applied to closing cost, prepaid, points and buydown subsidies. (3% for HUD homes used toward closing costs only)
Loan limits depend on county.
Non-occupant Co-Borrowers are allowed to help buyers qualify for single-family residences.
FHA Mortgage are assumable
First Time Homebuyers Option
FHA – 3.5% Down
Minimal down payment
6% seller concessions allowed
Financing for 1-4 unit owner-occupied properties
VA – 0% Down
Seller can pay all closing cost
No Mortgage Insurance
Financing 1-4 unit owner-occupied properties
Conventional – 5% Down
3% seller concessions on loans w/5% down 6% seller concessions on loans w/ 10% or more
Financing for single family primary residences (including condos)
Multiple MI (Mortgage Insurance) options available.