FHA Home Mortgage Program The FHA Home Mortgage program has been around for some time. The Great Depression caused many to lose their jobs. As a result, they were unable to pay their mortgages payments and then banks were forced to foreclose on these properties. In 1934, the National Housing Act created the Federal Housing…
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Connecticut Veteran Mortgage Program Are You A Connecticut Veteran? Do you know what the benefits are and steps that need to be taken in order to get a Veteran Mortgage (also known as a VA Loan)? If you have chosen to bravely protect our country, there is a tremendous opportunity for you to take…
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Reverse Mortgage History I think many would be surprised to find out that the first reverse mortgage (also known as an HECM) was done over 50 years ago. The first reverse mortgages were originated in Portland Maine. A local banker came up with the idea that allowed the widow of his high school football…
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Differences between a Conventional and an FHA Home Loan The two most common types of mortgage options today are conventional loans and FHA mortgages. These programs are both used for either purchasing or refinancing a home. Conventional and an FHA home loan have a few differences. These differences are mostly based on the criteria required…
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Why do I have a low credit score? First of all, many potential home buyers find themselves with low credit scores. Unfortunately, it can be overwhelming to some to begin working on improving their score. The first place to start is to know exactly where you stand. You need to have a complete credit report.…
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First of all, are you a first time homebuyer in Connecticut? 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…
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FHA 203K Without specific updates and repairs, a home might not be suitable for living, and lenders might not be willing to fund loans on a property with problems. That is why FHA 203K Mortgage Loans are a great resource. FHA 203k loans makes it possible for you to purchase and turn that property from…
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Life is Ever Changing There are many reasons for buying a new home. Perhaps the size of your family is increasing and you need more bedrooms. Maybe you are getting older and require less space or desire to leave a 2-story house for the likes of a single story property. Perhaps you need to move…
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What is DTI? When applying for a Mortgage, your DTI plays a huge factor in qualifying for a mortgage. Debt-to-income (DTI) is a ratio which Loan Officers, like myself, look at to determine whether or not you are able to qualify for a mortgage. DTI is based on your monthly Debt and monthly Income. …
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Ideal for Investors First of all, do you have an interest to Fix and Flip residential properties in Connecticut? Here at Northeast Financial we offer a very unique product known as Fix and Flip Financing. This product is great for investors because it provides a line of credit that allows you to fix and flip…
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