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Connecticut FHA Home Purchase Mortgages

Hello everyone, this is Vanessa Brown, a local loan officer with North-East Financial in Middletown, CT. Are you one of the many people that feel stuck paying rent every month and think you’ll never be able to own a home? A FHA mortgage may be your solution!

Run by the Federal Housing Administration, FHA home loans were created to make it easier for home owners to qualify for a loan, whether to buy a home or refinance a mortgage. FHA home loans can benefit almost all home buyers and refinancers – first-time home buyers, military families, lower-income families and homeowners who don’t want to tie up a lot of cash in their homes.

Qualifying for a FHA loan is less difficult than other loan options. With a FHA mortgage, you can buy a home with a down payment as small as 3.5% and lower credit scores. There are also no income limits for a FHA loan, which you might find with other programs.

With an FHA loan, you are able to use gifts (such as borrowed money or a monetary gift from a family member) towards down payments and closing costs. Additionally, there are no prepayment penalties with a FHA mortgage, allowing you to pay off your home early without having to worry about paying an extra fee.

 

Call me today for a free consultation.

vanessaVanessa Brown

NMLS# 1328596/Company NMLS# 117273
860-788-7237 Office
860-334-5804

 

 

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