Connecticut Ground Up Construction and Rehab Mortgage Options

Posted on February 12, 2018 · Posted in Connecticut FHA Mortgage, connecticut rehab mortgage, construction

Northeast Financial is your Connecticut Mortgage Company for when you are purchasing land to build a home or are looking to purchase a home that needs some rehab work done.  We will work with you every step of the way.  What is great about the Ground Up Construction Mortgage Loan is that, unlike other mortgages, this is all done in One Loan through the FHA.

 

 

Some helpful information:

 

  • Minimum 620 credit score

  • 3.5% down-payment

  • One time appraisal, closing costs, underwriting and approval

  • No payments until construction is complete!

  • No requalification

  • Designed for almost all housing types

 

WHAT ABOUT THE LAND?

 

  • The land can be currently owned (build on own land): recently purchased or free & clear -or even with a mortgage(s)

  • The land can be purchased: simultaneously from the builder or even a third party

  • Land may even be gifted

  • Land equity will be used as your down payment.

  • Seller Concessions are allowable to maximum FHA guidelines. Therefore, if you own the land and have equity, you may be able to come to the table with no money down!

 

Call Today for a Free Consultation.

 

steph

Stephanie Smith

NMLS# 1083107/Company NMLS# 117273

860-335-9918

stephanie@northeast-mortgage.com

 

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

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

 

 

 

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