Are you looking to get your First Time Home Buyer Mortgage? Northeast Financial is the one stop company for all your residential mortgage needs. We are an award-winning mortgage company that is centrally located. 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
- 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 Loan 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 program if you are looking for a first time home buyer mortgage. The CHFA mortgage offers 100% financing. 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, there are many first time home loan options available in Connecticut. Call me today for a free consultation. Getting a pre-approval is a quick process.
Thanks,
Michael Meyer
NMLS#117875
Mike@spartancommercialmortgage.com
860-876-0572
Northeast Financial NMLS#117273
48 Meriden Rd Middlefield, CT