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FHA 203K Loans in Connecticut and How they Work

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial in Middletown. Today I would like to you all about an amazing product that allows borrowers to purchase a home and finance the repairs.

Let’s face it: Most homes people are looking to buy need some kind of work. Unless you are purchasing a brand new home, there will always be something in the home that you would like to see changed or updated. If you are one of these people, you may be interested in a FHA 203(K) loan!

With FHA 203(K) loans, someone can finance not only the purchase price of their home but also the repair costs involved. Whether you would like a brand new kitchen, or a remodeled bathroom, with the FHA 203(K) loan, it’s possible.

Here are some bullet points to help you figure out if this loan is right for you:

-Owner occupied properties only

-Min FICO 620

-Downpayment as low as 3.5%

-Must use a general contractor to do work (no self repairs)

 

If you have any further questions, please email me at johnv@northeast-mortgage.com or give me a call on my cell, 860-918-0251. 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

 

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