What First Time Homebuyer Mortgage Options Are Available In Connecticut?

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 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
    This is a great add on to our Homeready product.  At closing, your appraisal is reimbursed up to $525.00.
  • 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 Buyer 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, thank you for reading this overview.  Call me today for a free consultation.  Getting a pre-approval is a quick process.

 

Vanessa Brown
NMLS: 1328596  Company NMLS: 117273
210 South Main St. Middletown, Connecticut
Cell: 860-334-5804
Office: 860-788-7237
[email protected]