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Connecticut First Time Home Buyer Mortgage Options

Posted on February 19, 2015 · Posted in Connecticut First Time Mortgage

First Time Homebuyer Programs

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial in Middletown. Today I would like to talk to you about the programs available to first-time homebuyers and the different qualifications for each product.
1) FHA:
  • 600 Minimum FICO
  • 3.5% Down payment
  • Maximum loan amount – $305,000
  • Great for low to moderate income borrowers
  • Flexible guidelines on collection account, charge-offs, etc.
2) USDA:
  • 620 Minimum FICO
  • NO Down payment required
  • Property must be in area they deem “eligible”
  • There are income qualifications (call me for details)
3) VA:
  • 640 Minimum FICO
  • NO Down payment required
  • NO Mortgage Insurance
  • Must obtain Certificate of Eligibility
4) Conventional:
  • 620 Minimum FICO
  • Max loan amount – $417,000
  • Minimum 3% down payment
  • 680 FICO = 5% down, NO PMI
5) CHFA:
  • 640 Minimum FICO
  • 3.5% Down payment
  • Rates below market (call for details)
  • 660 Minimum FICO w/ Down Payment Assistance Program
  • Finance closing costs without seller concessions
North-East Financial offers plenty of options for first-time homebuyers. Because we are a mortgage broker and correspondent lender, we pride ourselves on finding the right loan product for every client. If you or someone you know is looking at purchasing a home, give me a call today to go over all your options. Thanks!

 

johnv_picJohn Vecchitto / Loan Officer
NMLS# 1127163
210 S. Main St. First Floor
Middletown, CT 06457
860-918-0251 (Cell)
860-788-7237 (Office Phone)
johnv@northeast-mortgage.com
Company NMLS 117273

 

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

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

1% down disclosure

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

Borrower contributes 1% down, lender contributes 2% down of the loan up to $5,000.00 for the down payment, and the borrower is responsible for any difference to get the required 3% down.  The principal and interest payment of a 200K 30 year Fixed Rate Loan at 4.375% and 97% loan to value is 998.57 with 0 points due at closing.  The annual percentage rate is 4.633%.  The principal and interest payment does not include property taxes and home insurance premiums, which can result in a higher actual monthly payment.  Rates current as of 06/20/2017

 

 

3% down disclosure

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

The principal and interest payment on a 200K 30 year Fixed Rate Loan at 4.375% and 97% loan to value is 998.57 with 0 points due at closing.  The annual percentage rate is 4.433%.  The principal and interest does not include taxes and home insurance premiums, which can result in a higher actual monthly payment.  Rate current as of 06/20/2017

 

 

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