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Connecticut First Time Mortgage Loan Programs

Connecticut First Time Home Mortgages

 

Now is a great time to buy your first home. Interest rates are still at historically low rates.  There are also several great programs that allow first time homebuyers to purchase their first home with little or no money down.

FHA mortgages are for those who may not have a 700-fico score. FHA mortgages allow for lower fico scores.  They also require only a 3.5% down payment, which can be a “gift” from a relative such as parents, brother, or sister.  They are a great option for first time homebuyers.

USDA loans are for homes located in rural to suburban areas. The property has to be located in an eligible area.  There are limits as to what borrowers can make.  Interest rates are typically low compared to other loan programs.  You can borrower 100% of a homes value or the contract price.

CHFA programs are specifically designed for first time homebuyers. With fico scores above 660 they also allow for a Down Payment Assistance Loan that helps pay for things such as down payment and closing costs.

VA mortgages are for those who have served their country. These programs are 100% loan programs for those that qualify.  The program allows for higher debt to income ratios as well as lower fico scores when compared to conventional loan programs.

 

For any question please feel free to reach out to me.

 

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

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

 

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