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

FHA Mortgage Loan Options in Connecticut

Connecticut

FHA Mortgage Loan Overview

A federally insured home loan that is great for first time home buyers and repeat borrowers alike.  An FHA Mortgage Loan can be used for purchases, refinancing, or streamline loans (no appraisal required if you already have an FHA Mortgage Loan).

FHA Home Loans are ideal for borrowers that do not have 20% to put down (the minimum required is 3.5% down).  FHA Loans also have more lenient Debt-To-Income Ratio requirements and are a great mortgage option for borrowers with less than perfect credit.

Loan Term Options

With an FHA Mortgage Loan, you can choose terms of 30 years, 25 years, 20 years, or 15 years.

Benefits of an FHA Mortgage

  • Once you have an FHA Loan you can streamline refinance for a lower rate (if you qualify) with no appraisal needed.
  • Require less down than Conventional Mortgages.
  • Traditionally, FHA loans allow for more buying power than Conventional Loans because of their leniency with Debt-To-Income Ratios.
  • If you have had a bankruptcy, foreclosure, or a Deed in Lieu of your past – FHA Mortgages have options (after a period) to allow you to do a loan.
  • Multi-Unit properties are allowed
  • Competitive interest rates.

Loan Requirements

On purchases or refinances, FHA requires an appraisal that proves that there is no peeling paint, railings where needed, and that the house is in turn-key condition.  If the property needs aspects of it repaired, then there is an option with the FHA 203K program. FHA Loans also require that the property be your primary residence.

At Northeast Financial, we specialize in FHA Mortgage Loan financing throughout the state of Connecticut.  The pre-approval process is easy, and we will work with you every step of the way.  Please call or email us today so we can discuss your options.

Thanks,

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

NMLS#117273 
https://www.linkedin.com/company/north-east-financial

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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.

 

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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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