First Time Mortgage Loans Connecticut

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial in Middletown. Today I would like to talk to you all about First-time Mortgage Loans 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 5% down payment
• 680 FICO = 5% down, NO PM

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 in terms of first time mortgage loans. We pride ourselves in finding the right loan product for every client and making the dream of homeownership a reality.

If you or someone you know is looking at purchasing a home, give me a call today to go over all your options.