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Residential Rehab Mortgages in Connecticut

Posted on December 23, 2015 · Posted in connecticut rehab mortgage

Residential Renovation Loans


Hello everyone, this is John Vecchitto, a loan officer with North-East Financial in Middletown. Today I would like to you all about residential renovation loans, and what you need to know!

I love renovation loans because they allow a borrower to finance not only the purchase of the home, but the cost of the repairs as well. This product is great because any home one buys will need some type of work.

Does the home your looking at have an outdated kitchen or bathroom? Would the home look better with fresh paint throughout or new wood floors? With these renovation loans, the possibilities are endless!

Here at North-East Financial, we offer two types of residential renovation loans: FHA 203(K) and HomeStyle. Which loan type is best for you depends on your FICO score, down-payment, and few other factors. We have streamlined the process to close the loan quickly for you!


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


-Owner occupied properties only

-Min FICO 620

-Down-payment as low as 3.5%

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


As a renovation expert, I am more than qualified to any and all questions. If you have any further questions, please give me a call on my cell or email me at my contact information below.


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)
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