HomeStyle Rehab Home Loans in Connecticut

Hello everyone, this is John Vecchitto, a local loan officer with North-East Financial located in Middletown, CT. Lately I’ve come across a bunch of people looking to purchase a home with the intention of rehabbing it. Maybe you’re someone who has been eyeing a foreclosure in your area and would love to rehab it like you see on all those TV shows. Today, I would like to talk about a program called HomeStyle, which allows one to finance the purchase of a home and the repairs all into one loan!
Here are the specifics:
HomeStyle Standard
HomeStlye Streamline
Eligible Properties
1-2 Unit Owner Occupied, 1-Unit Investment
1-2 Unit Owner Occupied, 1-Unit Investment
Min FICO
620
620
LTV
1-Unit 95% 2-Unit 85% Investment 85%
1-Unit 95% 2-Unit 85% Investment 85%
Do-It-Yourself Work
Not allowed
Not allowed
Min Rapair Amount
No Minimum
No Minimum
Max Repair Amount
50% of after improved value
$35,000
HUD Consultant
Required
Optional
Mortgage Payments Financed
Up to 6 months
No
Draws
5 Maximum
2 (Initial and Final)
Max Completion Time
180 days (6 months)
90 days (3 months)
If you’d like to learn more about qualifying for a HomeStyle mortgage, give me a call today! I can be reached on my cell which is 860-918-0251, or by email [email protected]. Thanks for reading!

 

johnv_picJohn Vecchitto / Loan Officer
NMLS# 1127163
210 S. Main St. First Floor
Middletown, CT 06457
860-918-0251 (Cell)
860-788-7237 (Office Phone)
[email protected]
Company NMLS 117273

 

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