Connecticut FHA Mortgage Resources

Many borrowers have misconceptions ab out the FHA Home Loan Program.  It is not just for first time home buyers – but essentially anyone that is looking for a low interest rate and great terms (many times FHA rates are much lower than conventional rates).

 

Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

 

Less than Perfect Credit: You don’t have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.

 

Low Down Payment: FHA loans have a low 3.5% down payment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don’t allow this.

 

Costs Less: FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.

 

Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.

 

An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation – not leased land)

 

For More information on utilizing FHA Home Loans to purchase a property in Connecticut please call us today for a free consultation.

 

Thank you,

 

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

http://www.zillow.com/profile/MichaelMeyer8/

https://www.linkedin.com/company/north-east-financial

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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