Connecticut FHA Mortgage Loans

Hello Everyone, I am Michael Meyer from Northeast Financial in Connecticut.  We are a Connecticut Mortgage Company that specializes in FHA mortgages.  Please read this article and contact me with any questions on your upcoming FHA Loan.


In 1934 the Federal Housing Administration established the FHA to help stimulate the housing economy.  It is a program that will protect the lender in case of default therefore making lenders more comfortable lending.


The property needs to be the owners primary residence and owner occupied.  Property types that are eligible for FHA financing are; single family homes, townhouses, and condos.  Make sure when looking at condos and townhouses that the association is FHA approved.  If the condo is not an FHA approved property they will not fund that loan.


A 3.5% down payment is required in cash at closing however that can be gifted from a relative.


The borrower will pay an annual MIP until the loan reaches 78% of the value.  On a 30 year loan when the 78% LTV (loan to value) has been reached the MIP gets cancelled if MIP has been paid for at least five years.  On a 15 year loan the MIP is cancelled when the LTV reaches 78% regardless of how long the MIP was paid.


A credit score of 620 or better is usually required. The FHA wants to see stable and documented income for about 2 years with no more than a one month gap. Anyone who is self employed will need to show 2 years of successful history as well as a current year to date balance sheet and a profit and loss statement.  The better your credit the better your interest rate will be.


For plenty of people it is simple not possible for them to save enough for a 20% down payment. The FHA loan can be a great alternative especially if they are already paying rent equal to or more than a mortgage payment.


Call me today and I would be more than happy to work up a free FHA quote for your upcoming FHA purchase, FHA Streamline, or FHA Refinance.


Thank you,


Michael Meyer
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457

Company NMLS#117273

Residential Clients: Click Here For Application



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