Mortgage 101: Understanding Different Types of Home Loans

Posted on November 22, 2017 · Posted in Connecticut First Time Mortgage, Connecticut Mortgage Company

Mortgage 101:  Understanding Different Types of Home Loans

 

When applying for a home loan for the first time, many terms may be thrown out at you and you might have no idea what they mean!  Purchasing a home is one of the biggest investments in your life- you want to make sure you do it wisely. Northeast Financial is your Connecticut resource for home purchase loans and mortgage refinancing. We offer USDA, Veteran Loans, Conventional Mortgages, No PMI Loans, CHFA, FHA, Reverse Mortgages, Investment Property Loans, Rehab Loans, and Commercial Real Estate Loans.  Now what does that all mean?

 

Here is some helpful information on some of the loans we offer:

 

CHFA Loans: 

 

  • For First time buyers

  • Eligible for 100% FINANCING

  • Minimum credit score is 660

  • DTI 31% / 43%

  • Competitively low interest rates

  • Discounts offered for teachers, police, and the military

 

FHA: 

 

  • As little as 3.5% down

  • Minimum credit score 620

  • DTI 31% / 43%

  • Both for purchases and no appraisal streamline refinance

  • Click hereto see if subject property qualifies

 

 

VA:

 

 

 

USDA Loans:

 

  • NO MONEY DOWN

  • Minimum credit score is 620

  • DTI 29% / 41%

  • Property must be in eligible area

  • Specific income requirements

  • To find out if a property qualifies, click here.

 

NO PMI Loans: 

 

  • Less than 20% down

  • Lower monthly payments

  • Can borrow 97% of the purchase price

 

At Northeast Financial (Connecticut’s Premiere Mortgage Company), we pride ourselves on helping you learn more about the process and are willing to work with you every step of the way.  For any questions on any of these loan types please call me today.

 

Thank you,

 

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

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