Groton is a diverse city with a range of neighborhoods to suit different lifestyles and preferences. Popular areas include Groton Long Point, Noank, and the downtown Groton area. Each neighborhood has its unique character, housing options, and community amenities. When choosing a neighborhood, consider factors like commute time, local schools, and community resources.

• Groton Long Point: This charming beachside community offers a range of housing options, from cozy cottages to larger homes. Residents enjoy access to the beach, parks, and community events.
• Noank: Known for its historic homes and picturesque streets, Noank is a popular choice for families and professionals alike. The neighborhood offers a mix of housing styles and is within walking distance to local amenities.

At NMHL, we're committed to helping underserved borrowers in Groton achieve their homeownership goals. Our mortgage products cater to a range of credit profiles and income situations, including bad credit, self-employed, and veteran borrowers. Our loan officers are experienced in handling complex income situations and can help you find the right mortgage solution for your needs.

Some of the mortgage options available to underserved borrowers in Groton include:

• NMHL Credit Rebuild Program: Designed for borrowers with credit challenges, this program offers a pathway to homeownership through credit rebuilding and mortgage financing.
• VA Loans: NMHL offers VA loans with competitive rates and flexible credit scoring for eligible veterans and active-duty military personnel.

As a homeowner in Groton, you'll need to factor in property taxes as part of your overall housing costs. The average effective property tax rate in Groton is approximately 1.96%, which is slightly higher than the national average. For a median home price of $340,000, this translates to around $6,664 in annual property taxes.

It's essential to understand how property taxes are calculated and how they may impact your mortgage payments. NMHL can help you factor in property taxes when determining your mortgage affordability and provide guidance on how to navigate the property tax assessment process in Groton.

Connecticut offers several first-time homebuyer programs designed to make homeownership more accessible and affordable. These programs include down payment assistance, closing cost assistance, and competitive mortgage rates. NMHL can help you navigate these programs and determine which ones you may be eligible for.

Some of the first-time homebuyer programs available in Connecticut include:

• CHFA Down Payment Assistance Program: Offers up to 3.5% of the home's purchase price in down payment assistance.
• USDA Direct Loan Program: Provides financing options for low-to-moderate-income borrowers purchasing homes in rural areas.