Connecticut Multi Family Home Loans

Posted on February 24, 2015 · Posted in Connecticut Investment Property

Northeast Financial offers two great programs for Multi Family home mortgages in Connecticut.  We offer a Residential Loan and a Commercial Stated Income Loan.  Our Residential Loan can be used by people planning to occupy the property (and rent out the other units) or property investors.  Whereas our Commercial Stated Income Loan requires that the property be non-owner occupied (investment property).

In general, Residential loan rates are considerably less than Commercial loans.  As well, Commercial Loans have much easier underwriting guidelines that do Residential Loans.  Here is an overview of the programs:

Residential Financing

-You can own a maximum of 10 residential properties
-1-4 units
-You can “cash out” if you own up to 4 properties
-5 to 10 properties you can only do Rate/Term refinance
-660 Fico and up is needed
-75% max LTV on up to 4 properties and 70% LTV from 5-10 properties
-5+ units are not counted for the maximum of 10 properties
-30 year terms with very low fixed rates
-On your primary residence you can rate/term finance up to 95% and Cash Out up to 90% LTV as an investor

Commercial Financing

-Unlimited  investment properties are allowed
-1-4 units and 5+ units are acceptable
-Maximum LTV is 75% for Cash Out refinances
-650 Fico and up is needed
-30 year Terms with a 3 or 5 or 8 year ARM options
-Stated Income program that is perfect for self employed borrowers
-Loans can be done as a LLC/Company


We work with many clients that are looking to buy or refinance a multi-family home.  Every deal is different and we have options that cater to all borrower types.  We even offer a 100% financing option through CHFA if you are a first time home buyer and as well we offer a FHA loan that has 3.5% down on Multi Family Properties.

Call today and lets discuss all of your options.


Thank you,


Michael Meyer
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457

Company NMLS#117273




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