Middletown Connecticut Mortgage Company

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial and proud member of the Middletown community. Today I would like to talk to you about the mortgage options you have when buying a home a how North-East Financial can help.

North-East Financial, centrally located in Middletown, has been helping residents all of the state since 2006. Myself, I was born in Middletown and raised in Portland. For anyone who has grown up in Middletown, they may know my family’s Italian Ice Shop, Vecchitto’s Italian Ice. My family’s shop has been in it’s original location since 1935 and is well known around the town. Therefore, I am well versed in the demographics of Middletown and the surrounding areas, which allows me to know first-hand your best mortgage option when buying a house.

When it comes to mortgages, residents of Middletown and surrounding areas have a lot of great options. The first is CHFA, which is offered through the Connecticut Housing Finance Authority. CHFA loans are perfect for the first time home buyer because they allow little to no down payment and even offer special discounts for teachers, police, and military. The next option you have is FHA, which is offered through the Federal Housing Administration. FHA mortgages are also a great for the first time homebuyer because they help low and moderate income borrowers purchase homes with low down payments and flexible qualifying guidelines. Keep in mind that if you have lived in your home for more than three years, you are considered a first time homebuyer.

Other great options for residents are VA loans, which are guaranteed by the Department of Veteran Affairs, and USDA loans, which are guaranteed by the United States Department of Agriculture. Both of these loans require NO DOWN PAYMENT and offer very competitive interest rates. In order to obtain a VA loan, however, you must be a veteran, reservist, or active-duty personal and obtain a COE, Certificate of Eligibility. USDA loans do have some income qualifications and the subject property must be in an area they deem eligible. Call me today to find out if a property you’re looking at qualifies.

Your next option residents have are Conventional mortgages. These mortgages are very common in the industry and offer low interest rates to qualified buyers. Typically these mortgages are for people that have 20% or more for a down payment, however, if a borrower puts down less than this he or she will pay PMI (Private Mortgage Insurance). This PMI payment may add anywhere from $75-$125 a month to your mortgage payment. Although this may sound like discouraging news, here at North-East Financial, we also offer NO PMI loans. This program will allow a borrower to put down as little as 5% and not pay PMI.

If you’re not looking for a home, North-East Financial also offers commercial loans. More info can be found here. In addition, we also offer Reverse mortgages for all residents over the age of 62. Unlike a traditional mortgage when you may a payment to a lender, in a reverse mortgage, the lender actually pays you! There are no terms of repayment as long as you live in your home.

As you can see, whether you are looking to purchase a new home or commercial building, or even looking for some extra cash, the staff at North-East Financial and myself can help you out. Since we are centrally located in Middletown you are more then welcome to our office on South Main St, or we can come out and met you. Feel free to call or email me and I would be happy to go over all your options.

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