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48 Meriden Rd, Suite 1, Middlefield, CT 06455

News

FHA removes one more barrier to home ownership for borrowers with student loan debt.

Since April of 2016 FHA has required lenders to use the greater of 1% payment based on the balance of any outstanding student loan debt or the actual payment as reported on the borrowers credit report.  With the cost of education only going up perspective homebuyers with $100K or more in student loan debt have…
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What does LTV mean?

Loan-to-Value An acronym often encountered in the home buying or refinancing process, LTV describes loan amount as a percentage of the purchase price or value of property. For example, an $80,000 loan on a $100,000 property equals an 80% LTV. You can also think of LTV as the inverse of your down payment. If you…
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No Money Down Options using USDA Financing

The Single Family Housing Guaranteed Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that…
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Your guide to Appraisals

In most cases, an appraisal is required to buy or refinance a home. The appraisal protects you and your lender from paying for or financing a home for more than it’s worth. Your appraisal takes place once your application is filed and your initial documentation is reviewed. We’ll take care of placing the order for…
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Tips To Winning the House of Your Dreams In A Seller’s Market

Today’s market can be tough. Buyers need to act fast, be prepared, be educated and have a plan. If you are too slow or don’t know what to do, you may lose the house of your dreams.    The first step should always be having that pre approval letter. I can help you with this.…
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Who should consider a Non Qualified Mortgage?

Not all home buyers are alike. If you’ve had difficulty qualifying for a traditional mortgage, we have a smart option: a nonqualified mortgage. A nonqualified mortgage can be a great choice if you don’t meet traditional lending guidelines, opening up more options for you. You could qualify if you: • Are self-employed • Have fluctuating…
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No Down Payment? No Problem!

Are you currently renting a home because you can’t afford a down payment? You might be eligible to receive government assistance in the form of a grant equal to 2% or 3.5% of the purchase price of your new home to cover your down payment. Down Payment Assistance may be combined with up to 6%…
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Protect yourself with a home inspection

Protect yourself with a home inspection. When it comes to buying a home, the more you know about it, the more confident you can be in making the right decision. That’s why home inspections are a must for every buyer. Home inspections give you detailed information on the physical condition of the house and can…
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Preparing ahead for your mortgage application.

Get your income information sorted. • Gather at least two paystubs and two years of your W-2s and federal tax returns, including all schedules. It is ideal to be at your current employer for at least two years. • Ask your loan advisor about additional documentation requirements if you are self-employed. • Contact your loan…
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My loan application is in underwriting, what happens now?

This is the final stage of the process before you close. The mortgage underwriter reviews everything and issues an “Approval with Conditions”.  They issue a list for your loan officer to help obtain any additional documentation. During this time, once all conditions from the underwriter are met, you will be able to officially schedule your…
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