Connecticut First Time Home Buyer Mortgage Options

First Time Homebuyer Programs

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial in Middletown. Today I would like to talk to you about the programs available to first-time homebuyers and the different qualifications for each product.

1) FHA:

• 600 Minimum FICO
• 3.5% Down payment
• Maximum loan amount – $417,000
• Great for low to moderate income borrowers
• Flexible guidelines on collection account, charge-offs, etc.

2) USDA:

• 620 Minimum FICO
• NO Down payment required
• Property must be in area they deem “eligible”
• There are income qualifications (call me for details)

3) VA:

• 640 Minimum FICO
• NO Down payment required
• NO Mortgage Insurance
• Must obtain Certificate of Eligibility

4) Conventional:

• 620 Minimum FICO
• Max loan amount – $417,000
• Minimum 3% down payment
• 680 FICO = 5% down, NO PMI

5) CHFA:

• 640 Minimum FICO
• 3.5% Down payment
• Rates below market (call for details)
• 660 Minimum FICO w/ Down Payment Assistance Program
• Finance closing costs without seller concessions

North-East Financial offers plenty of options for first-time homebuyers. Because we are a mortgage broker and correspondent lender, we pride ourselves on finding the right loan product for every client. If you or someone you know is looking at purchasing a home, give me a call today to go over all your options. Thanks!

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

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