- October 24, 2017
- Posted by: Michael Meyer
- Category: Uncategorized
At Northeast Financial – we cover the entire state of Connecticut for when you need a mortgage. More specifically, we offer a 1 Time Close Ground Up Construction Home Loan program. That means we can help you buy the land and build the house of your dreams.
Some helpful information:
Minimum 620 credit score
One time appraisal, closing costs, underwriting and approval
No payments until construction is complete!
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!
John Vecchitto / Loan Officer
210 S. Main St. First Floor
Middletown, CT 06457
860-788-7237 (Office Phone)
Company NMLS 117273
Apply for a Residential Mortgage Now: Click Here
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%.Ã‚Â 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