Neighbor News
100% Financing Connecticut Purchase Home Mortgages
Northeast Financial, located in Middletown CT, offers 100% Mortgage loans all throughout the state. We offer CHFA, USDA, and Veteran loans.
Hello everyone, this is John Vecchitto, a local loan officer with North-East Financial. Are you one of the millions of Americans out there paying rent every month and feel there is no way you could purchase a home? I’ve heard from several people in my community that the reason they feel they couldn’t purchase a home is because they don’t have the money to put down on a home. That’s why I wanted to write today’s article on 100% financing options.
One of my favorite types of loan is USDA. This type of loan is guaranteed by the United States Department of Agriculture and allows an individual to borrow up to 100 percent of the purchase price or the appraised value of the home. To qualify for this type of loan, the subject property must be in an area they deem “eligible” (call me for details) and there are some income limits to be met. The property must also be the borrower’s primary residence and must have a minimum FICO of 640.
Another type of loan is VA, which is a loan insured by the Department of Veteran Affairs. This type of loan is for anyone that has served in the armed forces or the reserves. Unlike USDA loans, subject properties do not have to be in an eligible area and there are no income limits. To qualify for this loan, a borrower must obtain a Certificate of Eligibility (call me for details) and also must have a minimum FICO of 640.
Find out what's happening in East Hampton-Portlandfor free with the latest updates from Patch.
The next type of loan is CHFA, which is a loan offered by the Connecticut Housing Finance Authority. This type of loan is designed for all first-time homebuyers living in the state of Connecticut. Residents who have not owned a home in the last 3 years also qualify. Unlike USDA and VA loans, CHFA is broken up in a first mortgage and a second down payment assistance loan. For example, the first mortgage would be for 96.5% and the second loan would be for 3.5%, which equals 100%. To qualify for this loan there are some income limits to be met and the borrower must have a minimum FICO of 660.
If you’re reading this article and are thinking your credit score may not be where it should be, do not rule yourself out. North-East Financial specializes in credit report repair and can help you through every step. If you have any questions about any of the material here or anything else, feel free to give me a call. I can be reached on my cell which is 860-918-0251, or you can email me at johnv@northeast-mortgage.com.
Find out what's happening in East Hampton-Portlandfor free with the latest updates from Patch.
If you have any further questions, please email me at johnv@northeast-mortgage.com or give me a call
John Vecchitto / Loan Officer
NMLS# 1127163
210 S. Main St. First Floor
Middletown, CT 06457
860-918-0251 (Cell)
860-788-7237 (Office Phone)
johnv@northeast-mortgage.com
Company NMLS 117273
