Connecticut First time Home Buyer Program Options

Hello everyone,

I am Drew Raney, President of Northeast Financial Mortgage of Connecticut, and today I want to share with you this overview of what options are available to First Time Home Buyers seeking a mortgage in our state.  This is just a brief overview to help you start the process.  If you have any questions please either email directly at the address below or fill out the form on the upper right hand side of this page for more information.


1) FHA:
  • 580 Minimum FICO
  • 3.5% Down payment
  • Maximum loan amount – $305,000 (depending on County)
  • Allows for past bankruptcies that are over 2 years old
  • Flexible guidelines on collection accounts, charge-offs, etc.
2) USDA:
  • 620 Minimum FICO
  • NO Down payment required
  • Property must be in a rural area deemed “eligible” (call for details)
  • There are income qualifications (call me for details)
3) VA (Veteran):
  • 620 Minimum FICO
  • NO Down payment required
  • NO Mortgage Insurance
  • Must obtain Certificate of Eligibility (call me for details)
4) Conventional:
  • 620 Minimum FICO
  • Max loan amount – $417,000
  • Minimum 3% down payment
  • 680 FICO = 5% down with a NO PMI option
5) CHFA:
  • 640 Minimum FICO
  • 3.5% Down payment
  • Rates below market (call for details)
  • 660 Minimum FICO w/ Down Payment Assistance Program (100% financing)
  • Finance closing costs without seller concessions






Drew Raney/NMLS#117309
President of Northeast Financial
210 S. Main ST. Middletown, CT




Company NMLS#117273 





Residential Clients Click Here For Our Online 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