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While many Connecticut mortgages are drawn from banks, credit unions, and finance bureaus, many Americans rely on the Federal Housing Administration to provide them with their housing, and by extension, the mortgage they pay for their home. Connecticut FHA home loans have several advantages over bank mortgages, as well as several disadvantages. In general, the FHA is a government institution that aims to assist lower level income Americans to finance their home, so that the majority of properties owned and sold by the FHA are at or below the median income level for a community. Unlike banks, the government does not award mortgages and mortgage rates based upon credit history or employment status, making it easier for citizens who have fallen on hard times to be able to afford a standard of living.

While this government office is certainly a boon for millions of Americans, it lacks the financial underpinnings of credit institutions, meaning that it rarely acts with the same speed as private lenders and some families may find themselves unable to close on a previous house and move into a new house on a desired timetable. These Connecticut home loans are relatively inexpensive, requiring less than a four percent down payment and capable of receiving as much as six percent on closing costs. The interest rates depend on financial history, but most are around six to seven percent. To apply for Connecticut FHA home loans, contact institutions and ask if their loan process is backed by government insurance. If this is the case, they should be able to apply the FHA loan standards.