Are There 100% Financing Options When Buying a Home?

Northeast Financial services all of Connecticut for when you need a mortgage.  We offer several 100% Financing Mortgage Programs for home purchases.

One of our favorite types of loan is a USDA mortgage. This type of loan is guaranteed by the United States Department of Agriculture and allows an individual to borrow up to 100 percent of the purchase price or the appraised value of the home. To qualify for this type of loan, the subject property must be in an area they deem “eligible” (call me for details) and there are some income limits to be met. The property must also be the borrower’s primary residence and must have a minimum FICO of 640.

Another type of loan is a VA (Veteran)  mortgage, which is a loan insured by the Department of Veteran Affairs. This type of loan is for anyone that has served in the armed forces or the reserves and allows for up to 100% financing. Unlike USDA loans, subject properties do not have to be in an eligible area and there are no income limits. To qualify for this loan, a borrower must obtain a Certificate of Eligibility (call me for details) and also must have a minimum FICO of 620.

The next type of loan is CHFA, which is a loan offered by the Connecticut Housing Finance Authority. This type of loan is designed for all first-time homebuyers living in the state of Connecticut. Residents who have not owned a home in the last 3 years also qualify. Unlike USDA and VA loans, CHFA is broken up in a first mortgage and a second down payment assistance loan. For example, the first mortgage would be for 96.5% and the second loan would be for 3.5%, which equals 100%. To qualify for this loan there are some income limits to be met and the borrower must have a minimum FICO of 660.

 Please call us today to discuss what options are available to you.

Thank You,

walsh

Patrick Walsh
Mortgage Loan Originator/NMLS 99004
860-213-1398
Patrick@northeast-mortgage.com
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

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FHA Disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

The principal and interest payment on a 203,500 30 year FHA fixed rate loan at 3.25% on 96.5% loan to value is 1,025.99 with 0 points due at closing.  The APR is 4.491%.  Payments include a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and monthly MIP is calculated at .85% of the base loan amount.  The .85% monthly MIP is required for a specific period of time regardless of your down payment or equity in your home.  The principal, mortgage insurance, and interest payment does not include property taxes or home owner’s insurance premiums, which will result in a higher actual monthly payment.  Rates current as of 6/26/17