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

Connecticut Investment Property Purchase Loans

Connecticut

Investment Property Purchase Loans

Northeast Financial is your Connecticut resource for purchasing investment property in our State.  We offer two great programs that assist investors with getting their loans closed.

Residential Property Investment Loans:

Non owner occupied investment properties have to be from 1-4 units (condos as well).  Generally you will need to put 25% down on investment properties, have reserves of 6 months of PITI (principal, interest, taxes, and insurance) payments.  You will also need a good credit score to get a competitive rate.  The property must also be in good condition in order to pass through an appraisal.

One way to buy an investment property that you will live in is to go the FHA route.  This option allows you to buy up to a four family home.  This is a great option too because you only need to put down 3.5 percent down.   Also the debt ratios are much higher which allows the borrower to buy more of a house.

Commercial Property Investment Loans:

Doing a commercial mortgage is a different process than that of doing a residential loan.  The investment property will still have to be non-owner occupied. You can do the loan as an individual or as a LLC/Corp.  Units can be between 1-4 or 5+ (and Mixed Use Properties are allowed).  This is a Stated Income program (also known as light documentation) and requires a credit score in the 660 range.

Appraisals are roughly between $650 to $1,200.  Similar to residential loans, your max loan to value is 75%.  A major difference between the two programs is rate.  Commercial mortgage rates are higher than residential loans.  This is mostly because that our commercial mortgage program is “Stated Income.”

I would like to talk with you about your loan scenario for your upcoming investment property purchase (we do refinances as well).  Call me today for a free consultation.

 

IMG_0126David Tortora NMLS 88166
Company NMLS 117273
210 South Main Street
Middletown CT 06457
tortora@northeast-mortgage.com
860-788-7237

 

 

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General Disclosure

When discussing programs that allow for 3.5% down, 0% down, or a percentage down – the borrower is not required to only put that exact percentage down. FHA, USDA, VA, CHFA, Jumbo, and Conventional Mortgages allow borrowers to put down more of a percentage if they desire to. The percentages mentioned in the information provided is the minimum down payment that these programs require. Each one of these programs have specific credit score, debt-to-income ratio, and payment history requirements to qualify for the minimum down payment.

Disclaimer

Northeast Financial is presently in the process of applying for their Mortgage Broker’s license in the state of New York.  Website authorization by the New York State Department of Financial Services is pending.  Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. If you are a New York Resident – please do not submit any information through our website.

 

© 2024 Northeast Financial LLC dba Northeast Home Associates, LLC NMLS# 117273
Connecticut Mortgage Broker License # 20995. North Carolina Mortgage Broker #B-176940. Florida Mortgage Broker License #MBR5370. Registered Mortgage Broker New York #RMB 209075
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Complaint Policy

The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans arranged through third party providers. Does not make loans, issue a pre-qualification or pre-approval in the state of New York.

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