Some helpful information:

 

  • Minimum 620 credit score

  • 3.5% down-payment

  • One time appraisal, closing costs, underwriting and approval

  • No payments until construction is complete!

  • No requalification

  • Designed for manufactured, modular, and stick-built housing

     

 

WHAT ABOUT THE LAND?

 

  • The land can be currently owned (build on own land): recently purchased or free & clear -or even with a mortgage(s)

  • The land can be purchased: simultaneously from the builder or even a third party

  • Land may even be gifted

  • Land equity will be used as your down payment.

  • Seller Concessions are allowable to maximum FHA guidelines. Therefore, if you own the land and have equity, you may be able to come to the table with no money down!

 

Your dream of building a home just got closer to a reality. Call me today for a free consultation so we can discuss your financial needs!

 

Thank you,

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)
[email protected]
Company NMLS 117273

https://www.linkedin.com/company/north-east-financial

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

 

Apply for a Residential Mortgage Now:  Click Here

 

 

 

 

 

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