I just had my driveway re-paved, in fact it is so recent that I will not be able to drive on it until tomorrow. The company that I choose to do the work was Gallitto Property Management and Excavation to do my Concrete Driveway. They came highly recommended by Doug Turner of Turner & Sons Roofing, who I had do my roof last month. I am happy to say the Rob Gallitto and Gallitto Property Management and Excavation lived up to what I was told.
I choose to go with a Concrete Driveway, because of the problems that all of my neighbors have had with regular black top paved driveways. They just do not seem to hold up in this development because of some underground springs that we have. Usually within about 5 to 6 years they are having to patch them, and I wanted something that would last even if it was going to cost me more.
Rob Gallitto and Gallitto Property Management and Excavationn did an excellent job and even though I had them do some extra things along the way, they did not charge me for it and stuck to their quoted price. I was also impressed by the work and care that they took in every step of the process. I am very happy with the work and will recommend them to those that I know who are thinking about having their Driveway redone.
I could write more about what they did, but I think that pictures speak louder than words. Below are a few of the pictures that I took during the process. I wish I had taken a picture of them ripping up the old driveway, but did not think about it until it was already dug up.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Friday I completed the last of the 4 Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, that I planned on covering in the series. As good as it is to know what the Loan Program Options are for Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, it is probably even more important to learn about the Home Buying Process which will enable Buyers to use these Loan Programs.
In my opinion before a Buyer can even begin to determine what Loan Program might be best for them, Buyers, especially First Time Homebuyers need to attend a "First Time Homebuyer Seminar". At a First Time Homebuyer Seminar a homebuyer will not only learn about the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, they will get to meet and talk to those who will play the most important roles in helping them obtaining that dream house, and help them determine which of the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut will best fill their needs.
At these First Time Homebuyer Seminars, there will usually be a Realtor, Loan Officer, Attorney, and in many cases a Home Inspector. Each and everyone of these professionals will share their role in the Homebuying Process. and assisting the homebuyer with the decisions that will have to be made along the way.
Some of the things that will be covered at a "First Time Homebuyer Seminar" are:
As you can see from just this brief outline there is a lot of information covered at the "First Time Homebuyer Seminars". This information is also covered in more detail in a series of blogs that I did back in January of 2007:
First Time Homebuyer Seminars…..Part #1
First Time Homebuyer Seminars…..Part #2
First Time Homebuyers Seminars…..Part #3
First Time Homebuyer Seminars…..Part #4
Besides providing all of this information, "First Time Hombuyer Seminars" also give homebuyers an opportunity to ask question that are important to them without having to meet with those that will play a huge role in the purchase of their home individually. They are all there at the Seminar and happy to spend as much time as needed answering questions, both during and after the Seminar.
My next blog in this series we will cover a second very important step in determining the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut that is right for you, the Pre-Approval Process". Look for this blog on Tuesday.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
The last few days have been really hot sticky humid days here in Connecticut, so I have been having to water the grass and flower more so than usual. As I was watering the flowers in front of the house I started to notice that they were beginning to show signs that summer is coming to an end and that fall is around the corner.
It is amazing how mother nature knows what time of the season it is, no matter what the weather is like it knows its time. It knows when it is time to bloom and when it is time to let its leaves fall. This made me wonder, do we have the same sense when it comes to our business? Do we do what needs to be done during our seasons? Do we plant when we need to plant? Do we water and grow during our growing season? And do we fully take advantage of our harvest time?
Funny how something as simple as watering flowers can make us reflect upon ourselves, and are we taking advantage of our seasons to grow our business? These are questions that only we can answer ourselves, and hopefully answer them honestly.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Out of all the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, FHA Mortgages are the ones that I do the most. I would say that at least 70% of my loans that I have done this year have been FHA Mortgages. You would think that since this Loan Program is the one that I utilize the most, that it would be the easiest for me to write about, but it is opposite. There is so much to this Loan Program, that it makes it difficult to try to capture all of it in just one blog. Luckily I have written several blogs in the past on FHA Mortgages, so in this blog I will only hit upon a few of the main features of this Loan Program, and then provide links at the end to my other blogs for further details.
Out of the four Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut that I chose to write about in this series, FHA is the only one of the four that is not 100% financing or that presently does not have an option to make it a 100% financed Mortgage. So why then is this Loan Program the one that I utilize the most? The answer is simple. FHA Mortgages only require a Downpayment of 3.5%, which does not have to come from the Borrower's own money, it is available to all Borrowers, and it has fewer restrictions than do the other Loan Programs that I have written about in this series. Those reasons and more make FHA Mortgages a very attractive Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut.
Even though FHA is not a 100% financed Loan Program, it does not mean that a Borrower has to have the Downpayment and Closing Cost in his/her own money. As I mentioned before even though FHA Mortgages require a 3.5% Downpayment, none of it has to come from the Borrower, it can be gifted from one of several eligible sources such as a relative, employer or labor union, a charitable organization, a governmental agency or public entity that has a program to provide homeownership assistance to low-and moderate-income families or first-time homebuyers, or a close friend with a clearly defined and documented interest in the borrower.
The same is true for Closing Costs, these funds also do not have to come from the Borrowers own money, they also can be gifted, or they can be paid by the Seller. FHA allows Sellers to pay up to 6% of the Sales Price towards Closing Cost. The only restriction is that they cannot contribute more than the Closing Costs, meaning that the Borrower cannot get back any remaining money that the Seller has agreed to pay, if it is not use on Closing Costs.
Another reason why FHA Mortgages are one of the preferred Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, is that FHA Mortgages do not have any of the extra points that are assessed to Conventional Mortgage by Fannie Mae & Freddie Mac, because of low credit scores or downpayment. In fact FHA does not have a minimum credit score, Investors may impose a minimum credit score, but FHA does not. This alone is a huge advantage that FHA Mortgages have over Conventional Mortgages.
Unlike some of the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, FHA Mortgages do not have any Income Limits, and even though FHA Mortgages have Loan Limits, in many cases the FHA Loan Limits are higher than the Conventional Mortgages Conforming Limits.
For all these reasons FHA Mortgages should be one of the main Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut. There is much more to FHA Mortgages, and if you follow the links below they will provide you with much more information.
FHA The Main Loan Program In Connecticut!!!
PMI Changes Making FHA and VA Much More Go To Loan Products
HUD Website Great Resource For Homebuyers
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
This is a huge weekend for Yankee and Red Sox Fans. This weekend will determine if the Red Sox stand a chance to compete for the American League East Division Championship, or have to fight for their life for a Wild Card spot.
The Red Sox started out the first half of the season with a bang, by sweeping the Yankees 8 straight games. But the second half of the season has not been kind to the Red Sox, and the last time the two teams faced each other the Yankees swept the Red Sox 4 straight games.
This weekend they will play 3 three games against each other, and in my opinion the only thing that can help the Red Sox is a 3 game sweep of the Yankees. Anything else does not do much for them, or could even completely bury them.
No matter what side you are on this weekend promises to be an exciting one. The Yankees and Red Sox rivalry is the biggest rivalry in all of professional sports, there is none other like it. Every game these two teams play against each other is like a playoff game, and it does not matter what the record of either team is. When the Yankees and Red Sox play each other you can throw the record book out the window, it does not matter, because they just outright play differently against each other.
I am looking forward to the first game tomorrow night, and will be sitting on the edge of the couch through every pitch. It just doesn't get any better than this.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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McCue Mortgage is a Connecticut based Mortgage Co., that specializes in first time homebuyers. However, we are equipped to service all homebuyer with many loan programs such as FHA, VA, & CHFA.
I am available 7 days a week, and can be contacted on my cell phone (860) 573-1308 until 10:00 PM. My primary focus is to serve you.
I specialize in first time Homebuyer Loans like CHFA, and no money down programs. I also enjoy helping people repair their credit, and helping them purchase a home.
Thanks George – McCue certainly makes it easy! I have to tell you at this point that my experience with McCue Mortgage has been the very best experience ever (and I’ve bought and sold 4 homes)! I will recommend McCue highly to everyone I talk with who’s thinking of buying a home and looking for a mortgage...Pat Anderson, Program Assistant II, University of Connecticut
I just wanted to say thank you again. The refinance went incredibly smooth, not a single glitch! I received the check from the lawyer yesterday and I will be on the way to being free from credit card debt. I will be sure to send anyone I know your way if they need any home financing expertise...Regards, Lou Moffa, Middletown, CT.
Thanks for all your help. I'm passing your name along to my (new) boyfriend as he is looking for a condo or house within the next 6 months! You have been a tremendous resource and help to me with this whole process and I'm sure Chris will need your guidance as well.....Pam Neumann, Portland, CT.
I have a closing coming up next Tuesday, a short few days away. I have someone from our Activerain family to thank for this, our own George Souto from McCue Mortgage took a bad situation and made it all better! I can't thank George enough, and if I am lucky I will get to meet him at the closing! My clients found out the day after their offer had been accepted that the bonus the wife just got put them over the allowed earning limit for the program we were using. That was on a Friday afternoon. By Monday, we were back on target, and with no hitches in our git along, George pulled the deal together with a USDA Rural Development Loan. The rates my clients got made my jaw drop, lower than I have seen ever, they were more than pleased too. It was UNDER 5%! After my clients met with George they called me and told me just how wonderful he had been to them. They couldn't say enough good things about George, and were over the top impressed. Me too actually. This is my first time having a client use a USDA loan, I am very excited. I will be informing all my first time home buyers this is one loan to check out for sure. Kudos to George Souto! From the bottom of my heart, thank you. And I really hope that you make it to the closing! You are "da bomb"!
Andrea Swiedler, Realtor with Prudential Adams & Associates, New Milford, CT
I found George through Activerain, sent my clients to him, and we closed the deal today. As we were all at the closing table my clients turned to me with that first time home buyers star dust in their eyes look and said that George was "totally awesome"! George, if I didn't say enough about you the other day in the first post, I want to say it now. Thank you, you really rock! And our clients think so too.
Andrea Swiedler, Realtor with Prudential Adams & Associates, New Milford, CT
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Get Pre-Approved Today.
This is a great time to purchase a house, the prices and interest rates low and Sellers are motivated to sell. So whether you are a First Time Homebuyers or have bought several homes in the past, you still need to get Pre-Approved for a loan first to determine what price range you are qualified to purchase in.
A Realtor will most likely not take you to see a house unless they know that you are qualified to purchase a house in that price range. So it is important to get Pre-Approved as early as possible so that neither you or the Realtor are wasting yourr time looking at houses that you can not qualify for a mortgage on.
It is not only important that you get Pre-Approved before you start to look at houses, but it is equally important that you contact a Loan Officer that will take the time to go through all the steps that are needed to Pre-Approve you. Once you have contacted a Loan Officer, that mortgage professional needs to go through the following steps
They need to first identifying your ability to purchase a home, so that they can establish the Purchase Price Limit that you qualifies for. In order to do this a Loan Officer is going to have to check your Credit, take a full Loan Application, and submit the Credit and Loan Application through their Automated Underwriting System. It is important that they take all three of these steps, because it is the ONLY way that you can be reasonably assured that you will qualify for a Loan. Once the Credit Report is pulled it will provide the Loan Officer with all of your revolving debt, which will have to be taken into consideration in determining what you can afford. The Credit Report will also show your payment history, and Credit Scores. The Loan Application will include your Income, Residency, Employment, and Bank Information. Once all this information has been submitted, the Automated Underwriting System will determine if you are qualified to purchase a house within your desired price range.
Once this has been done, the Loan Officer can provide you with a Pre-Approval Letter for you to provide to a Realtor. If you are not working with a Realtor, the Loan Officer will be able to provide you with a list of “Trusted Professional Realtors” that the Loan Officer works with for you to choose from.
This Pre-Approval process should not be confused with the Mortgage Commitment that you will have to obtain once you have found a house. A Mortgage Commitment can only be given once there is a Sales Contract on a property, and documentation has been collected to verify the information that you gave to the Loan Officer. Also at this time a Property Appraisal will be done to determine if the property is worth the price that you have agreed to pay. You need to make sure that you are working with a Loan Officer that will take the time to go through everything that I mentioned above. If a Loan Officer does not do that, then you needs to contact one that will. In my opinion if a Loan Officer does not all this, then all that the Buyer will have is a Loan Officer’s guess, and not a very good one at that.
Seasoned Money ............ What Is It???
The term "Seasoning Money" or Seasoned Money" is a very common term in the Mortgage Industry. A simple definition for what is "Seasoned Money" is that it is a reference to the length of time that has past since funds were deposited in or withdrawn from a Bank Account..
Why is "Seasoned Money" important in the Mortgage Industry? It is important because when you apply for a mortgage, the Lender is going to require that you produce bank statements for a certain period of time. These days any deposit or withdrawal of funds of $1000 or more, that are not a normal monthly deposit or withdrawal will need to be explained.
This is not a problem if you can document where the funds came from. For example you sold a car and can produce a sales slip and copy of the check, or you cashed in some stocks or bonds and can produce the documentation for that. But most often Borrowers can not produce documentation for these deposits or withdrawals, and stating that you just had it laying around the house is not a good explanation (that is referred to as mattress money).
So what needs to take place if there is a large deposit or withdrawal it needs to be "seasoned" (be in your Account long enough so that it does not show up as a deposit or withdrawal on the Bank Statements that you need to produce.
Depending on the Loan Program, the length of time to "season" the funds is different. For example, on Conventional Loans (Fannie Mae, & Freddie Mac backed loan) the time needed to "season" is 31 days, because all that is required for you to produce is a 30 day bank statement. Therefore, if the funds have been in the bank account for more that 30 days they will be included in the balance, but not listed in the deposits or withdrawals. For a FHA Loan, the Underwriter (at least my Underwrite) is going to want to see two months of bank statements, which means that the money needs to be "seasoned" for at least 61 days. On a CHFA Loan, the Underwriter as well as CHFA usually want to see three months of bank statements so the money needs to be "seasoned" for at least 92 days, since within a three month period there is bound to be a 31 day month.
This all may sound simple, but "seasoning money" produces more problems than you might imagine. A lot of the times it is because the Borrower got money to purchase the house from someone that would not be an acceptable source for gift money. Or the person was an acceptable source, but does not want to produce the documents needed to show that it was an acceptable gift.
Please keep in mind that if you are thinking of purchasing a house and are going to be depositing or withdrawing any large sum of money ($1000 or more) that you talk to your Loan Officer first to make sure that it is being done correctly so that you do not run into a problem at the time of the loan.
Connecticut FHA, CHFA, VA, and USDA Mortgages
These days here in Connecticut as well as in many other states FHA Mortgages have become the main Loan product. Not long ago Conventional Mortgages were the loans of preference, but with all the changes brought about by Fannie Mae, and Freddie Mac, Conventional Mortgages have become costly and difficult to do.
During this time I have written about these changes and how FHA in particularly has become the loan product of choice. These blogs are a little spread out so I thought that it was time to provide links to some of them so that they could be easily found.
Besides FHA, CHFA, VA and USDA Mortgages have also started to become more and more popular during this time. CHFA and USDA are proving to be a great loan for First Time Homebuyers, because 100% financing is available through them. But existing Homebuyers also have 100% financing available to them through VA Loans if they are a Veteran.
Below are links that provide details on all of these loan programs and their advantages. I hope that they prove to be of value to those looking for information on these loan products, and that the links serve as a good point of reference.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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FHA The Main Loan Program In Connecticut!!! 
New Tax Credit .................... Connecticut Housing Finace Authority (CHFA) 
