CT Lender Referrals, please!

8 Replies

Hi everyone!

First time home-buyer here, planning a future with the spouse which involves them going into medical school and our need for an extra income!

Lo and behold real estate investing and landlording has peaked my interest rather than working 2 jobs! 

To the point here, I’m looking for Connecticut real estate investors referral’s for mortgage lenders and/or mortgage brokers? 

I’ll be grateful to find the best quality lenders whom will give a great price but also work efficiently and professionally. 

The goal is to get preapproved by 5 different lenders so I can learn what loans will work best for the multifamily market here in CT as my current profile is: a first-time homebuyer and an owner occupant. 

Originally posted by @Elizabeth S Kennedy:

Hi everyone!

First time home-buyer here, planning a future with the spouse which involves them going into medical school and our need for an extra income!

Lo and behold real estate investing and landlording has peaked my interest rather than working 2 jobs! 

To the point here, I’m looking for Connecticut real estate investors referral’s for mortgage lenders and/or mortgage brokers? 

I’ll be grateful to find the best quality lenders whom will give a great price but also work efficiently and professionally. 

The goal is to get preapproved by 5 different lenders so I can learn what loans will work best for the multifamily market here in CT as my current profile is: a first-time homebuyer and an owner occupant. 

Welcome to BP Elizabeth! I am also involved in the East Hartford market. 

I use a couple of local folks in the area for my financing. Would be happy to put you in touch with them. Feel free to send me a PM and we can discuss. Most lenders will have very similar loans, and if you are doing it as an investor, your options are even more limited - getting pre approved by 5 different people won't likely give you a huge leg up. 

@Elizabeth S Kennedy my advice is to get one to two really good referrals. Make sure that people have closed loans with the broker in and around your market. The 5 IMO is overkill, and you might rub the lender the wrong way as well. But I am all for verifying lenders before making the largest purchase of your life, so I understand the due diligence. So here is how you can back into what you want, start with the type of property you want to acquire.

First time homebuyer and owner occupant loans: 

Your best product will be the FHA, 3.5% down loan 1-4 unit loan.

Another great option for forcing equity is the FHA 203k loan where you can "bundle" in the rehab costs for the project.

Another great loan, USDA rural loan, 0% down. 

My advice: Pick the loan you want then find the lender that specializes in that product.

What bank do you belong to currently? 

@Scott Hollister

USDA rural loan, is this an option for a multi-family property? My goal is to not have to work an extra job to get us through medical school with our clothes still on our backs, lol.

I currently belong to American Eagle Financial* Credit Union.

I'm very interested in HUD and in HomeReady as they offer all kinds of benefits and upper-hands for our situation as owner occupants and first time home buyers!

Originally posted by @Elizabeth S Kennedy:

Hi everyone!

First time home-buyer here, planning a future with the spouse which involves them going into medical school and our need for an extra income!

Lo and behold real estate investing and landlording has peaked my interest rather than working 2 jobs! 

To the point here, I’m looking for Connecticut real estate investors referral’s for mortgage lenders and/or mortgage brokers? 

I’ll be grateful to find the best quality lenders whom will give a great price but also work efficiently and professionally. 

The goal is to get preapproved by 5 different lenders so I can learn what loans will work best for the multifamily market here in CT as my current profile is: a first-time homebuyer and an owner occupant. 

Elizabeth

Homeready will restrict you to single unit (unless there is an "accessory unit) while FHA will allow up to 4 units. Even though the mortgage insurance on homeready is cancellable over time and FHA is not, you may want to consider FHA.

Best of luck

Stephanie 

@Stephanie P. Hey thanks for the response and insight. 

I’m not sure if HomePath.com is outdated or you have been misinformed?

Check out this link. To me this means a lender can approve a HomeReady mortgage as a multi-family. 

https://www.homepath.com/financing-special-offers.html

“Innovative underwriting flexibilities,including income from a rental unit or boarder, can help buyers qualify.”

🤷♀️

@Elizabeth S Kennedy I would check with a lender on that one, I have not personally closed one or one as an agent. 

Ya I hear ya! And if you get a good house hack you will be living for "free". Typically its the Cap Ex and maintenance that eat up profits. (Roof, furnace, driveway, structural, etc.)

Great! American eagle is an awesome Credit union, my mother use to work for them as well. I just closed a loan with them last month, they move pretty quick. Just make sure you get a good loan officer. Also if you're in good standing, they have some cool low down payments with no pmi. They do it through a 1st and 2nd mortgage. 

HUD first look owner occ period is an amazing way to get a great property, I closed one 2 months ago for my aunt and uncle. Otherwise we were getting beat out left and right to investors...

I belong to FINEX and Nutmeg for personal, BOA for my business accounts. I have HELOCs and a cash out refi with nutmeg. Very pleased with their banks. 

Originally posted by @Elizabeth S Kennedy:

@Stephanie Potter Hey thanks for the response and insight. 

I’m not sure if HomePath.com is outdated or you have been misinformed?

Check out this link. To me this means a lender can approve a HomeReady mortgage as a multi-family. 

https://www.homepath.com/financing-special-offers.html

“Innovative underwriting flexibilities,including income from a rental unit or boarder, can help buyers qualify.”

🤷♀️

 No, I was right. Homepath is different than Homeready. Homepath is a program that allows you to buy Fannie Mae owned properties or essentially their foreclosures. Homeready is Fannie Mae's 97% program generally reserved for folks that don't own a property or haven't owned property in the last 3 years. When they say "a rental unit or boarder" they are very specific about the type of "accessory unit" like the one I mentioned. They are also very specific about the use of boarder income. With Homeready, you are limited to the normal max guidelines for multi-unit properties. https://www.fanniemae.com/content/faq/homeready-faqs.pdf