Main Street Mortgage offers a variety of options for prospective home buyers including Conventional, FHA, VA and CHFA programs.

Conventional loans are available in 10,15, 20, 25 & 30 year terms and in both fixed and adjustable rates. Homes purchased with less than a 20% downpayment will require private mortgage insurance.

For home buyers who do not have a substantial downpayment available, we offer the FHA loan. This program requires only 3.5% down at time of purchase. You must have a minimum credit score of 640 and a clean credit history for the past year. FHA loans require mortgage insurance for the first 5 years of the loan. Potential FHA homes must be in move-in condition. There can be no structural damage. All appliances must be in working condition. Keep in mind, if you are shopping for foreclosures, banks are not going to contribute to fixing a needed repair in order to sell the home as a motivated home seller would. Homes in need of substantial repairs will need to use the FHA 203k Rehab Loan program.

203K Rehab Loans are for homes in need of repair. This program allows for both the purchase cost and repair costs to be financed in a single loan. Please visit the 203k Rehab page for more information on this product.

CHFA (Connecticut Housing Finance Authority) offers low downpayment programs for first time homebuyers who fit guidelines established by CHFA. While most buyers can qualify with a lower credit scrore than with FHA, your credit history must be good for the past calendar year. A history of recent late payments will most likely result in a denial. CHFA also requires the buyer to pay one point or 1% of the loan amount and a possible recapture tax if the home is sold for a profit within the first nine years of ownership. For the current CHFA interest rate, go to http://www.chfa.org. Unlike interest rates that change daily for other programs, the CHFA interest rate normally changes once a week.

If you are planning to buy a condominium, note that for FHA, the condominium must be on the HUD approved condominium list. To check if the property that you are interested in is on the list, go to.hud.gov. Click on resources and approved condominium complexes. For CHFA it must be approved on both the HUD list and the CHFA list. For CHFA. For the CHFA list, click here.