Looking for a lender in Milford, CT area

9 Replies

@Curran D Bishop It will be easier in CT if you are making the property your primary residence. There are a few things to keep in mind as you seek conventional financing. 

-In another post, you said this will be your 2nd home. You will need 6 months reserves for your PITI (Principle, Interest, Taxes, Insurance)

-Depending on your current mortgage, you may need to go conventional and put 20% down. If you plan to purchase this as an investment with conventional financing, you may need 25% down. (There are other low money out of pocket options like Fannie may Homepath, 203k, FHA, etc.) I just don't know your situation to recommend what is best.

-Best advice is talk to a lender that is local, our local meetup is held in a mortgage office with @Kit Crowne . He may offer better guidance if your plan is to go conventional. 

Best of success.

Scott, thanks a bunch--in response to your questions:

Originally posted by @Scott Hollister :

-In another post, you said this will be your 2nd home. You will need 6 months reserves for your PITI (Principle, Interest, Taxes, Insurance)

I got into real estate investing by buying homes in markets that crashed so I couldn't sell when I had to relocate for work :), so I own two single family rentals; I'm moving to the area and planning on renting while looking for a home with detached apartment I can Airbnb. If I can't find that I'm wanting to buy a multifamily as an investment instead and just keep renting my residence.

-Depending on your current mortgage, you may need to go conventional and put 20% down. If you plan to purchase this as an investment with conventional financing, you may need 25% down. (There are other low money out of pocket options like Fannie may Homepath, 203k, FHA, etc.) I just don't know your situation to recommend what is best.

Thanks for the advice!

-Best advice is talk to a lender that is local, our local meetup is held in a mortgage office with @Kit Crowne . He may offer better guidance if your plan is to go conventional. 

@Kit Crowne, or Scott, when are the meetups? I'll be in the area to shop for rentals around 12/4-10 and would love to attend if it's happening in that window; I will move in late Dec/early Jan and will start attending the meetups regularly then--thanks for the connection! 

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