First Time Homebuyer Program

Applicants that are at or below the HUD Defined Area Median Household Income will be given a discounted rate by .125% below our 30-year 0 point fixed rate.  Maximum LTV 95% PMI required on LTV above 80%. Please reach out to our dedicated loan officers to learn about our competitive first time homebuyer interest rates. Further restrictions apply – please ask us for details.  Other Terms and Conditions May Apply.

 

90% LTV NO PMI LOAN

Available to our customers is a maximum loan to value of 90% mortgage product without the need for Mortgage Insurance. Single Family Homes, Purchase Only, Owner Occupied, Minimum FICO of 720, Maximum loan amount up to $647,200, Maximum debt to income ratio of 43%. First Time Homebuyer discounts are eligible to be combined with this product. Subject property must be located in CT. Any loans not fitting the requirements above will be required to carry borrower paid Mortgage Insurance.

 

Land Loans

 Maximum $250,000; Maximum LTV 75%; Maximum Term 10 years. 1/1 ARM Change based off the One Year Treasury Bill. 4.00% Margin.  Purchase Only. Full Appraisal Required. Must be approved for residential building.

Unless otherwise noted: Maximum Loan Amount $647,200 Jumbo Rates Available

 

For All Fixed Rate and ARM Programs: Interest rates are subject to change at any time, without notice and may vary according to the property and loan characteristics.  The actual Annual Percentage Rate (APR) and fees available to you may differ from the rates posted based on your credit history, loan amount, property type, product features, and loan to value ratio.  The rates posted are based on certain assumptions that may or may not apply to your loan. All rates and terms shown are subject to change without notice. Property insurance is required. Flood insurance may be required. Rate / APR assume 20% down payment, purchase transaction, owner occupied, single family detached home, FICO score of 740 and no subordinate financing. LTVs above 80% will require Private Mortgage Insurance (PMI). Other terms and conditions may apply.

 

For All Fixed Rate and ARM Programs: Cost per $1,000 does not include taxes and insurance. The actual payment will be higher if escrow payments for property taxes and/or insurance are made in addition to the regularly scheduled loan payment

 

ADJUSTABLE RATE MORTGAGES (ARM) ARMs offer an initial fixed interest rate period followed by a period when the rate may adjust annually. Rate caps limit interest rate changes over the life of the loan. The payment per $1,000 below is based on a term of 30 years and the initial interest rate, after which the rate and payments will be determined based on the One Year Treasury Index plus the margin.

 

THERE ARE NO APPLICATION FEES OR CLOSING COSTS FOR LOANS UP TO $250,000. LOANS OVER $250,000 WILL INCUR CLOSING COSTS AND ARE REQUIRED TO CLOSE WITH AN ATTORNEY.

 

HOME EQUITY LINE OF CREDIT

No minimum draw required at closing. Loan available only for owner or secondary occupied single-family homes and approved condominiums; not available on properties listed for sale. Maximum Total Loan to Value for single family homes and condos is 80%.  Property insurance is required.  Flood insurance may be required. An appraisal fee may apply under certain circumstances. Minimum loan amount is $10,000. First or second lien position is required.

Adjustable Rate Line of Credit: Rate is equal to Prime rate minus .50 for the life of the loan with a MAXIMUM ANNUAL PERCENTAGE RATE (rate cap) of 18%. The current rate in effect using the index plus the margin is the current Prime Rate of 3.250% minus .50% = 2.750%. Rate can vary monthly.

This is a variable rate loan with a 9 year, 9 month draw period during which payment of interest only monthly is required followed by a principal and interest repayment period of fifteen-years. There is a $35.00 Annual Fee (waived the first year.). Rate can vary monthly. There is a prepayment penalty of $200 if the loan is paid off (closed) within 24 months of the contract date. Loan available only for single family owner-occupied homes and approved condominiums; not available on properties listed for sale. Property insurance is required. Flood insurance may be required. An appraisal fee may apply under certain circumstances. Minimum loan amount is $10,000. Loan amounts exceeding $250,000 will be considered on an exception basis. First or second lien position is required. NY & MA residential properties and loans over $250,000 may incur closing costs.

Watertown
51 Straits Turnpike
Watertown, CT 06795