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

Connecticut Land Purchase and Home Construction Loans

Connecticut

Home Construction Loans

Have you been dreaming of building a new home but don’t know where to start?  Our new financing option makes it easy with an FHA one-time close construction-to-permanent loan.  This program combines the low down-payment & affordability of an FHA program while fulfilling the increasing demand for new housing in today’s market.  Most home construction loans take place in two phases:  one closing at the start of construction and another at completion. Why worry about re-qualifying or incurring additional costs? At Northeast Financial of Connecticut, financing for the construction, lot purchase, and permanent loan is all included in our one-time close loan.

 

Some helpful information

  • First of all, there are minimum credit score requirements for home construction loans.  But, FHA loans allow for lower scores than conventional mortgages.
  • Most noteworthy is that it is only a 3.5% down-payment.
  • Also there are no payments until construction is complete!
  • Even more, no requalification is required.
  • Finally, this loan type allows 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).
  • Furthermore, the land can be purchased: simultaneously from the builder or even a third party.
  • Land may even be gifted.
  • Land equity can be used as your down payment.
  • Finally, 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!  We specialize in home construction loans in Connecticut and the pre-approval process is easy.

 

Thank you,

 

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-788-7237
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

 

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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
www.nmlsconsumeraccess.org | Equal Housing Opportunity | 48 Meriden Rd, Suite1, Middlefield CT 06455
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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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