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48 Meriden Rd, Suite 1, Middlefield, CT 06455
844.788.7237
info@northeast-mortgage.com

HomeStyle Rehab Home Loans in Connecticut

HomeStyle Mortgage Program

Hello everyone, this is Michael Meyer and I am a local loan officer with North-East Financial located in Middletown, CT.  Lately I’ve come across a bunch of people looking to purchase a home with the intention of rehabbing it and as a result I decided to write this overview.  Maybe you’re someone who has been eyeing a foreclosure in your area and would love to rehab it like you see on all those TV shows doing. Therefore, I would like to talk about a program called HomeStyle, which allows one to finance the purchase of a home and the repairs all into one loan!

Here are the specifics:

HomeStyle Standard
HomeStlye Streamline
Eligible Properties
1-2 Unit Owner Occupied, 1-Unit Investment
1-2 Unit Owner Occupied, 1-Unit Investment
Min FICO
620
620
LTV
1-Unit 95% 2-Unit 85% Investment 85%
1-Unit 95% 2-Unit 85% Investment 85%
Do-It-Yourself Work
Not allowed
Not allowed
Min Rapair Amount
No Minimum
No Minimum
Max Repair Amount
50% of after improved value
$35,000
HUD Consultant
Required
Optional
Mortgage Payments Financed
Up to 6 months
No
Draws
5 Maximum
2 (Initial and Final)
Max Completion Time
180 days (6 months)
90 days (3 months)
In conclusion, If you’d like to learn more about qualifying for a HomeStyle mortgage then give me a call today!

Thanks,

 

IMG_0088

Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

NMLS#117273 

 

 

 

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