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Financing in Connecticut : Real Estate Advice

  • All288
  • Local Info23
  • Home Buying150
  • Home Selling33
  • Market Conditions6

Activity 140
Tue May 23, 2017
Dbroer asked:
I'm looking for a loan to buy an approved building lot and build a house there.
0 votes 0 Answers Share Flag
Mon Feb 6, 2017
Tony Grech answered:
There is no restriction saying you can't get an FHA loan with also having a VA loan as well. You just can't generally have 2 VA loans or 2 FHA loans outstanding at the same time.

However, you would need to qualify for the new loan AND the existing loan payments, along with all your other debts. And unless you have 25% or more equity in the VA home and are moving at least 100 miles away, rental income from the VA home cannot be used/considered when qualifying for the new home.

If you can qualify for another home considering those factors, then nothing keeping you from pursuing a single family home for yourselves using the FHA purchase program. Hope this helps! Let me know if you could use assistance getting pre-approved!
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Fri Oct 28, 2016
Jaywalexander answered:
Get pre-qualified right away, so that you know how much you can spend. You can also ask for an estimated break down on on costs associated with that loan amount- down payment, escrow fees, your monthly payment.
Contact your bank, credit union, or whichever institution you intend to use and get pre-qualified. It costs you nothing, and then you can begin to shop and can make an offer once you find the home of your dreams!
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Mon Oct 24, 2016
Heather Mcrae answered:
No! Part of your credit score is how long you've had accounts open, and how many accounts you have open and in good standing.
0 votes 46 answers Share Flag
Fri Aug 19, 2016
Kevin Belanger asked:
My wife and I currently own a lot outright that we wish to construct our primary residence on in Old Saybrook CT after we get 20% saved.

I am worried that mortgage on condo will hold…
0 votes 0 Answers Share Flag
Fri Jul 29, 2016
jumbosource answered:
After 2 years, you can do up to 85% LTV. Must have a 700 score.

Jumbo Mortgage Source
Specializing in 95% Jumbo loans
Serving home buyers in all 50 states
0 votes 30 answers Share Flag
Tue Jul 26, 2016
Joe Borelli answered:
In order to originate a 203K loan under the FHA guidelines, the lender must be approved by HUD. Additionally, the FHA lender needs to also have experience underwriting 203K renovation loans. The complete list of FHA lenders in Connecticut who have closed at least one 203K loan in the past one year can be accessed here:


http://203klenders.org/connecticut-ct/
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Fri Jun 3, 2016
Samuel asked:
Mon Apr 18, 2016
Bill Gassett answered:
A reverse mortgage allows those who are 62 years or older to tap the equity in their home in the form of payments made to them. It is like having an income stream without having a job. So unlike a traditional mortgage where you pay the lender with a reverse mortgage the lender pays you. There are definite advantages and disadvantages with this type of loan. It is vital to know before going all in if this is the right type of loan for you. Take a look at the in-depth web reference that explains exactly what a reverse mortgage is and how they work. ... more
0 votes 2 answers Share Flag
Thu Mar 17, 2016
Shauntia Jarmon asked:
What is the best way to go when refinancing? Is it better to go with a local and or a big known bank? And do we have to pay anything out of pocket when we do refinance?
0 votes 0 Answers Share Flag
Tue Sep 8, 2015
USMortgageRanger answered:
Yes this is very doable. I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.

Lowell Sterling
Mortgage Banker
NMLS 968898
Capital One Bank
Phone (469) 315-1709
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Tue Sep 8, 2015
HomeownerX asked:
I'm looking for a lender who can either provide a HELOC (to pay off a 2nd) or refinance a 2nd on a house in Connecticut. The stumbling block seems to be that i modified my 1st 2 months…
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Mon May 18, 2015
Tony Grech answered:
Hi Michael

That's not nearly enough information to determine if you could qualify for a mortgage.

SSI is acceptable as a source of income as long as it is likely to continue going forward.

As a disabled vet, you'd probably have access to the VA loan program, which is a really great loan.

But the other things that will be looked at by every bank are your credit scores, the amount of debt you have, and the amount of income you receive. Lenders are going to want to make sure that you make enough income to afford a new house payment and also your current monthly debts.

It's best to speak directly to a loan officer who can help you determine if you qualify.

Feel free to send me an email or call me if you need assistance with this!
Tony
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0 votes 1 answer Share Flag
Sat Feb 21, 2015
Linda A. Cappello answered:
The best way to get accurate comps is to find a LOCAL Realtor by asking friends, family or co-workers if they could recommend someone. Most Realtors will offer a complementary "Comparative Market Analysis" (CMA) that will guide you and offer a range that your home is worth in today's market place. Usually they will want to visit your home so that they can assess recent upgrades and overall condition of the property so that they will better be able to perform a true "apples to apples" comparison. Hope this helps! Linda Cappello ... more
0 votes 17 answers Share Flag
Tue Jan 13, 2015
Heather Crabtree answered:
Yes you can. Although your income may be able to help debt t income ratios and get a better rate or qualify you for more (although this may push you out of your comfort zone). Your best bet is to speak directly to a reputable lender experienced in CHFA loans. I have closed several CHFA loans with Marion Szarzynski from Homebridge her cell is (203) 768-5098.
If you have more questions feel free to email me at heather.crabtree@cbmoves.com or call at (203) 558-7720.
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Sun Nov 9, 2014
tonp73 asked:
Wed Oct 22, 2014
Steven Bueti answered:
I work for a JUMBO Direct Lender based in Stamford, CT and can offer you the following...

90% financing between $625,000 - $2,000,000 (80/10/10) with NO PMI
85% financing up to $1,500,000 (1 loan) with NO PMI
95% financing between $417,000 - $625,000 (1 loan) with PMI

If you or anyone has any questions regarding Quote's, Scenario's or Cost's please feel free to reach out to me by my profile or contact info below.


Steven Bueti
Luxury Mortgage Corp.
Four Landmark Square, Suite: 300
Stamford, CT 06901
203-569-4240
sbueti@luxurymortgage.com
... more
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