Leader in Tax ID Loans & Mortgage Solutions
Prysma Lending Group has helped thousands of families since 2003 realize their dream of home ownership through ITIN/Tax ID Loans and traditional mortgage solutions.
Get started by viewing CT FHA Loan Requirements.
As Connecticut’s #1 FHA loan provider, Prysma has helped thousands of families throughout Connecticut, New York, Massachusetts and Florida realize their dream of home ownership.
Prysma Lending Group specializes in FHA loans for homeowners with products and FHA lending solutions designed for First Time Home Buyers, FHA Refinances and more.
Our experienced loan professionals sit down with you to find the best rates and loan options for you and your family. We are your dedicated partners in home ownership.
Understanding FHA Loans & FHA Loan Requirements
What is a FHA Home Loan?
An FHA Loan in CT is a Federal Housing Administration (FHA) backed mortgage that has flexible requirements and often lower interest rates than conventional loans.
The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so a lender can offer you a better deal. This potentially offers lower down payments, lower closing costs, or qualifying easy credit.
Even if you have a low income and a low credit score you may still be eligible for a FHA loan, that’s the great part about them. There are even a few specific loans for those without a credit score. On the other hand if you have a good credit score, you may be able to start out with a low down payment or slightly lower interest rates.
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FHA Loan Requirements
Learn about the requirements for applying for and obtaining an FHA loan in the state of Connecticut.
1. Stable employment with income for at least two years
Generally, you should be able to prove a stable income for at least two years to qualify for an FHA loan in Connecticut. Ideally, your income source is from a single employer, which is favored as a more reliable source of income.
2. Good credit
A credit score of over 580 in this case is generally considered a good credit score. Although not essential for qualifying for an FHA loan, a good credit score will certainly help. In cases where you have a lower credit score than 580, you should be able to place a larger down payment on the mortgage, as high as 10%.
3. No foreclosure on a property in the last 3 years
FHA Loans are known to have a more flexible approach to mortgage loan requirements, but no matter what type of loan you are seeking to obtain, a recent foreclosure will always raise a concern with the loan provider.
4. No bankruptcy in the past 2 years
Similar to having experienced a foreclosure, bankruptcy can signal a concern especially for a government-backed mortgage loan like an FHA loan. If you've undergone bankruptcy in the past two years, you may want to consider postponing your search for a mortgage loan.
5. FICO score greater than 500
Like having a good credit score, having a FICO score above 500 will signal to the Federal Housing Administration (FHA) that you are financially sound and a reliable person to offer a loan to. As previously mentioned in this article, FHA loans are generally known for being flexible, so this number is less of a hard line and more of a guideline.
Don't know your FICO score? Sources like Experian allow you to check your FICO scorer free of charge in most cases.
6. Loan being taken out for a primary residence occupancy
FHA Loans are intended for people searching to buy a home as their primary residence of occupancy. While there are some caveats to this rule, and the guidelines change depending on state, it's generally a good rule of thumb that you should be applying for an FHA Loan with the intent to purchase a primary residence house.
Sources:
USA Gov: https://www.usa.gov/agencies/federal-housing-administration
U.S. Department of Housing and Urban Development: https://www.hud.gov/buying/loans
Your Source for FHA Home Loans
We’ve helped thousands of Latino families over the past twenty years realize their dream of home ownership and we can help you.
The Right Loan Options For Your Family
At Prysma Lending Group, we offer conventional loans (fixed-rate loans, adjustable-rate mortgages) and non-conventional loans (FHA loans, VA loans, Tax ID loans). We also offer refinancing options and reverse mortgages. Whatever your situation, we have the right loan option that fits your needs.
Your Dedicated Partners in Home Ownership
The mortgage loan process can look overwhelming, but it doesn’t have to be. You will have a dedicated, licensed mortgage loan originator to guide you through the process. They will sit down with you and answer all of your questions. We are here to help you navigate the waters of home ownership as your trusted partner.
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Why Choose Prysma As Your FHA Loan Provider
Focused on Hispanic Homeownership
We know that not everyone gets treated equally in the home-buying process. We’re here to correct that for members of our community.
20+ Years of Experience
We’re passionate about what we do, so it’s easy for us to keep growing and delivering home loans to Hispanic families
We’re Honest And Transparent
We want to make your home-buying experience as clear and accessible as possible. We will always be upfront with you about your options.
We Find Solutions
The home-buying process can be challenging. We’ll help you navigate your options and find the home loan that’s perfect for you.
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Start your home purchase with the leader in Tax ID loans & mortgage solutions
Prysma is your trusted home loan provider, serving residents of Connecticut, Florida, Massachusetts, New Jersey, New York, Pennsylvania, and Texas. Prysma is here to make people realize their dream of home ownership is possible.
Our experienced loan professionals sit down with you to find the best rates and loan options for you and your family.
We understand that owning a home can seem daunting, but We support you through every step of the process of the home buying process.
Fill out the form or call today to learn which of our home loans is right for you. (203) 743-9985
