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

First Time Home Loan Options in Connecticut

Connecticut

Are you looking to get your First Time Home Loan?  Northeast Financial is the one stop company for all your mortgage needs.  We are an award-winning mortgage company that is centrally located in Middletown.  As well, we cover the entire state.

Conventional Mortgages

  • Homeready 3% down payment mortgage
    This mortgage is available to First Time Home Borrowers who have not owned a home in 3 years.  The appeal is in the 3% down payment vs. the normally required 5% down payment on other conventional mortgages.  Home ownership education courses are required.  As well, there are credit score and loan limits required on this type of loan.
  • Lender paid PMI (private mortgage insurance) mortgage
    You have no monthly mortgage insurance added into your payment.  The lender pays for your mortgage insurance in the rate provided.
  • Appraisal reimbursement available
  • PMI can be cancelled on conventional mortgages
    When you have a conventional loan, your PMI will automatically be terminated at 78% ltv.  If you would like to explore cancelling your mortgage insurance, you are able to request cancellation when you reach 80% ltv.

First Time Home Loan Government Mortgages

USDA

A USDA (rural) mortgage is a 100% financing, no down payment mortgage which is great for First Time Home Buyers.  The home must be in a USDA eligible area: Click here to see if the property qualifies.

In addition, you must meet income requirements and there are income limits as well.  The USDA mortgage has lower monthly mortgage insurance than FHA and usually low interest rates.

VA

This is another 100% financing with no down payment loan that is also ideal for First Time Home Buyers in Connecticut.  You must have a valid COE (Certificate of Eligibility), click here to learn more.

Furthermore, this loan typically has lower monthly PMI than conventional mortgages.  You must meet qualifying service requirements as well as have sufficient income and be in your current position for at least 2 years

FHA

The FHA loan is a 3.5% down payment mortgage option and is a good fit for the borrower who has a lower fico score and lower income.  The FHA mortgage has less strict qualifying guidelines and lower interest rates than conventional mortgages.  As well, PMI is required.

Connecticut Housing Finance Authority (CHFA)

This is a great loan for a first time home buyer.  The CHFA mortgage is 100% financing available-no down payment mortgage available in Connecticut.  It has lower interest rates available for police officers and teachers.  The interest rate for a CHFA mortgage is usually lower than FHA.  As a result, it allows for lower monthly payments.

 

In conclusion, there are many first time home loan options available in Connecticut.  Call me today for a free consultation.  Getting a pre-approval is a quick process.

 

Thanks,

 

IMG_0088

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

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

 

Residential Clients: Click Here For Application

0

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
Equal Housing Opportunity

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.

Privacy Policy






🏡