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FHA Loan Products for First Time Homebuyers in Connecticut

First time homebuyers looking to purchase a home and need financing can NEVER go wrong with an FHA Loan. This is typically the first thing that first time buyers inquire about. First off what is a first time home buyer? A first time home buyer i s an individual who has NOT owned a home in the 3 years prior to applying for an FHA mortgage. However, one does not need to be a first time home buyer to acquire an FHA loan. So long as the FHA loan you once had is no longer active, you may again pursue another FHA loan. The basic requirement is that this MUST be acquired for a primary home. Meaning the borrower MUST live in the property.

This is a great product available to homebuyers overall. But what they are not aware of is there are other FHA products out there for homebuyers to use at their disposal other than one to purchase a primary home that is move-in ready. As an Independent Mortgage Broker with Northeast Financial, we have numerous Wholesale Mortgage Lenders to shop from which allows me to offer those FHA products. At great rates too!

The products we have available for homebuyers for a home purchase are:

FHA Fixed Rate Financing:

– Standard FHA purchase

– 580 Minimum Fico

– 1 to 4 unit Primary Residence (Must be Primary)

 

FHA One-Time-Close Construction-To-permanent Loan:

Decided you want to build a home of your own? Found a piece of l and you’d like to build

your dream home on? With the FHA 1x Close Construction loan, we have the flexibility to

finance the l and as well as the construction of your dream home under one loan with just one

closing! No second appraisal. Simplifying the construction and purchase process!

Financing Eligibility:

– 620 minimum qualifying credit score

– Multi-wide manufactured housing

– 1-unit stick-built housing

– No payments due from borrower during construction

– No re-qualification once construction i s complete

– Single closing reduces total costs

 

FHA 203K Rehab Limited:

The Limited 203(k) may be used to purchase or refinance a home that needs minor

remodeling and non-structural repairs not exceeding $35,000. The use of a 203(k) consultant is

not required and there is no minimum rehabilitation cost.

– Minor remodeling

– No minimum and up to $35K i n repair amount

– HUD consultant i s not required

– Max completion time of Construction: 90 days (3 months

*Eligible Repairs*

– Repair, replacement, or upgrade of existing HVAC systems, plumbing, and electrical systems

– Repair or replacement of flooring

– Painting, both exterior and interior

– Weatherization, including storm windows and doors, insulation, weather stripping, etc.

– Purchase and installation of built-in appliances including ranges, dishwashers and microwave

ovens

– Minor repair of roofs, gutters and downspouts, repair to exterior decks, patios, and porches,

basement waterproofing, mold remediation, window and door replacements and exterior wall residing, and other minor repairs as indicated by the appraiser as being cosmetic in nature

*Ineligible Repairs*

– Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall

– New construction, including room additions

– Any repair that, according to the appraiser’s report, are not cosmetic i n nature

– Repairs of structural damage

– Repairs requiring detailed drawings or architectural exhibits

– Landscaping or similar site amenity improvements

– Any repair or improvement requiring a work schedule longer than 60 days

– Repair or rehabilitation activities that require more than one (1) final disbursement

– Repair of swimming pools

 

FHA 203k Standard:

The Standard 203(k) may be used to purchase or refinance a home that needs

remodeling and/or structural repairs. There i s a minimum rehabilitation cost of $5,000 and the

Use of a 203(k) consultant i s required. The guidelines are for the most part similar to the FHA

203k Limited product with some differences as outlined below:

– Structural changes are allowed

– $5K minimum and no maximum repair amount

– Landscaping and hardscaping allowed

– Max completion time of Construction: 180 days (6 months)

If any of these products meet your needs and you would like more information, reach out to me today and we can begin your free consultation as well as your pre approval.

Call or email me today!

Ramazan Sinani

Office: 844.788.7237 x7462

Email: [email protected]

NMLS# 1590862