Middletown, CT Real Estate News

By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
****************************************************************************************************************** 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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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
One of my Borrowers Closed on a Refinance Loan yesterday that many of us in this Industry would consider a "Slam Dunk Loan".  This Borrower had Credit Scores in the 800's, ratio's of 15/17, and 60% LTV.  "Slam Dunk" right? Wrong! This house was located in a neighborhood made up of a small cluster of house that are separated from most of the other residential neighborhoods in town.  The last known sale in this neighborhood was 8 months ago, and nothing comparable to it in near by neighborhoods had sold in a lesser time period.  The Appraiser did an amazing job in documenting and justifying the value of the house on the appraisal, but the 8 month time period began to create a big problem. See Banks/Lenders need to have the option to sell off loans on the Secondary Market when they need to...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
At the beginning of the month I did a blog announcing the Middlesex County Chamber of Commerce Work After Hours event that was hosted by the Galleria Design Center in Middletown last night.  I encouraged everyone that could attend to do so, and promised that they would not be disappointed.  Well the Chamber and the Galleria did not make a liar out of me, the evening was as promised. The turnout was one of the best that I have seen, and there was no lack of shrimp, wine, beer, soft drinks, and several varieties of d'oeuvres.  The Galleria is large and spacious, but yet perfect for this type of event, and I was able to both make new contacts as well as renew some old ones. Last night the Galleria also introduced a new product that they will be manufacturing themselves. Within the next cou...
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By Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889
(Johnson Real Estate, Inc.)
 THIRD CONGREGATIONAL CHURCH 94 MINER STREET MIDDLETOWN, CT The Third Congregational Church on 94 Miner Street in Middletown, CT is holding its annual Pot Roast Dinner.  This event is being held this Saturday, April 26th from 5:00pm to 7:00pm.  Yes, another WONDERFUL dinner!!  If you haven't come to one of these dinners.. this would be one NOT to miss. The menu will feature pot roast, mix vegetables,and oven roasted potatoes.    Vanilla Ice Cream with for dessert if you have room.  Coffee and Tea, or milk for the children.   Price:  $9.00 for adults; $4.50 for children 10 or under.  Come with your family, come by yourself... come with the neighborhood.  As usual, this is ALL YOU CAN EAT.  Last year's pot roast dinner was the first time I went to the Third Church for one of their dinners...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
I wrote a blog at the end of last month Social Networking Workshop informing those within driving distance of Middletown, Connecticut, about a Social Networking Workshop/Presentation, at the Middlesex Chamber of Commerce, on how we can more effectively use Social Networking Websites. The workshop was presented by one of our members Diana Bartolotta, who after listening to her is not only very knowledgeable about what she presented, but a Social Networking junkie to boot. Diane concentrated mainly on Linkedin and Facebook, but also briefly touched on Twitter.  I of course brought up ActiveRain and Diane stated that she would most likely add ActiveRain to her presentation in the future.  I try to go to and take advantage of all workshops like this, because I always walk away with a better...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Click Here to See How McCue Mortgage has gone Green   ****************************************************************************************************************** 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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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Earlier today I read a blog by Bill Gassett titled Buying a Bank Owned Home that focused on the process of purchasing a foreclosed property.  In his blog he made a statement that I thought would go very well with this blog which I had planned on writing earlier. In his blog he stated "Buying a foreclosed home however, is not for the timid at heart and there are many things that buyers need to be aware of going into a REO transaction." That statement is very true, and anyone who plans on purchasing a foreclosed property would do well to take it seriously. I am in the process of doing a Connecticut Housing Finance Authority (CHFA) VA Loan for a young man that is purchasing a Bank Foreclosure.  When I was Pre-Approving him for a loan on this property, I tried to prepare him for the frustra...
Comments 62
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Loan Modifications must be the new scam in town, because I have been getting three to four e-mails each day, each one from a different sender, but all with the same message.  They all start with the same subject line which contains my address followed by "value drop notice". The message is also the same in everyone: Dear George: If you are still residing in your home at "my address" and would like a lower payment, just based on your location you could bring your payment down by as much as 45% through a loan modification working with current MIDDLETOWN home values. Late or in foreclosure, or already tried to negotiate with your lenders? We can help regardless of your circumstances to get current and keep your home, or relocate without your current home going to foreclosure. LINK: MIDDLET...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
March 20th was officially the first day of Spring for 2009, but it was not my first day of Spring.  For me the first day of Spring is not a day on the calendar, or as defined by Wikipedia "Spring comes in between the 19th to the 23rd of March and at different times. It changes on a yearly basis because the first official day of spring is the (Spring) Vernal Equinox. This is when the sun is directly above the equator. It rises due East and sets due West and does not do so on the exact same day every year, since the calendar is not exactly 365 precise days every single year." Some might consider it Spring when they see the first sign of flowers, or leaves first appear on the trees. All those are great ways to define the first day of Spring, but for me the first day of Spring does not arri...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
CHFA just rolled out its new CT Families Program which is now self-insured, unlike the previous program that followed FHASecure Guidelines.  This new version of that program might finally make this a viable program for those who are in trouble on their mortgage, because of it being an Adjustable Rate Mortgage (ARM). The previous program was basically a: Refinance program for subprime borrowers And it was Insured by FHA. The new programs main differences are: Refinance program for families experiencing or having experienced hardships Self-insured by CHFA The main thing that still remains common between the two is that only Adjustable Rate Mortgages qualify, but CHFA is trying to get legislation passed that would extend the new program to Fixed Rate Mortgages as well. The New CT Families...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Three weeks ago I wrote a blog "FHA Approvals" about how it looked like FHA was loosening up on the Debt-To-Income Ratio's, and that I would be keeping an eye on it to see if that was really the case.  Well it is now three weeks later, and in that time I have had five more Borrowers that received an Approved/Eligible through  Automated Underwriting (DU) with ratio's around 42+ on the front/top ratio and 55+ on the  back/bottom ratio. This is enough to convince me that FHA has made an adjustment to the level of risk that they are willing to accept on loans in the last month.  This can be viewed as good, in that during a time that we are trying to stimulate the Real Estate Market, this should have an impact on increased sales. But it could just as easily be viewed as bad, because it is st...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
One thing that I quickly learned when I first became a Loan Officer, was that the Real Estate Business is full of surprises.  In fact that would be an understatement in many cases. We all have heard about surprises that happen during some loan transactions: Buyers not being able to document income. Income not being what you were told. Bank statements not having the balances that was stated. Buyers maxing out credit cards while the loan is in process, and credit gets re-pulled and score are way down. Houses not appraising. Lose of a job just before closing. inspection and repair issues. I could keep on going and going on the loan side and I am sure that Realtors could make my list look tiny, by listing things that happen on their end of things.  But the kind of surprises that I would lik...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Our Vice President of Advertising, Gary Kulik, just notified us of the Connecticut Association of Realtors (CAR) new advertising campaign called “Smart Move.”  Gary was excited about CAR's new campaign, because the campaign’s message is right in line with what we at McCue Mortgage have been saying for the past several months "It’s a great time to buy a home". We have been saying for months in our own advertising that there is a good selection of houses on the market, and CAR's similar message of “the home you want is on the market”, falls right in line with what we have been saying.  We all know that house prices are low right now, and interest rates are equally low.  Combined that with the efforts that the Federal Government is making, especially with the new $8000 Tax Credit for First...
Comments 7
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Mortgage rates seem to be holding steady for the last month.  The Federal Government's purchase of more Mortgage Back Securities (MBS) seem to have played a huge part in keeping interest rates low. Once the Fed's announced that they would be buying more Mortgage Back Securities at their last meeting in March, the market reacted positively.  Since that meeting the Fed's have been purchasing around $30 billion in MBS per week, which would account for the leveling off of these near historic low interest rates. The Fed's hope that by lowering the interest rates, that in turn we will see an increase in refinancing, and sale of houses.  If we take a close look at what has been happening the past couple of weeks, we can see that at least initially the market has reacted as the Fed's expected i...
Comments 7
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
The Middlesex County Chamber of Commerce is a very active Chamber of Commerce. Each month there are multiple events for members to participate in.  I have written in the past about Networking events like the Business After Hours that the Chamber has on a regular basis, but there are many more events that may be of interest for those in the area. The Chamber just came out with its new calender, and there are several events on it for the month of May that I feel are worth attending. May 7   - 26th Annual Golf Tournament, at the Portland Golf Club. May 13 - Prevention Committee Seminar, Keeping Workplace Wellness High When Stocks Are Low" at the Crowne Plaza Hotel, in Cromwell. May 18 - Member Breakfast.  Congressman Joe Courtney will be the speaker.  The Member Breakfast will be held at i...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Today, Easter Sunday is a special day for many around the world.  Whether you celebrate it as a Religious Day or  simply as a fun day with family and Ester Egg Hunts, it is a special day. Me and my family enjoyed today with many of our friends at Church.  We get together every year right after Church for a meal together at one of our homes.  Everyone brings something, and we all eat way to much, and truly enjoy each others company.  It is both a family and friend time for me and my family, that we look forward to each year. I hope that each and everyone got to also enjoy this day in your own special way, and that you feel blessed at this time of the year.   ****************************************************************************************************************** Info about the a...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Presently it is easier to do am FHA Loan on a Condo than on a Fannie Mae or Freddie Mac (Conventional Loan), because of downpayment requirements and Condo Project Reviews.  Early last year Fannie Mae and Freddie Mac announced that they would no longer be keeping a list of approved condo's, and that it would be up to each individual Lender to develope their own list.   This means that each Lender has to not only do a Full Condo Review the first time they do a loan on a Condo Complex, but they aslo have to have all of the Condo Doc's reviewed by an Attorney.  This involves getting a copy of the Condo Packet, along with Insurance and current Budget, this increases the time and cost of approving a loan the first time on a condo complex. Minimum downpayment on Condo's can also be higher than...
Comments 9
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Those of us in the Real Estate Industry, all recognize that FHA is one of the main Loan Products right now for a Buyer to consider.  FHA is HUD"s Federal Housing Administration arm which insures mortgages for Lenders/Banks.  FHA insured Loans presently offer Borrowers Loan Programs with Lower Downpayment, and more flexible underwriting guidelines, than Fannie Mae, or Freddie Mac (Conventional Loans) Loan Products.  What many are not aware of is that HUD is also a great resource for information on mortgage and housing related issues. The HUD website www.hud.gov is and easy way to find out about all of the Loan Products offered through HUD/FHA, but equally important it offers perspective Buyers great adice on what to watch out for when obtaining a mortgage.  There are four links on the HU...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Most people in the Real Estate Industry know of the FHA 203K program, which was designed to allow Buyers to obtain funds to make major repairs on properties that in a lot of cases are not habitable.  The FHA 203K is a loan that is challenging to do, and anyone looking to do one of these loans would be well advised to go to a Lender that specializes in doing them.  The HUD website contains a list of FHA approved Lenders for each state, and whether or not they do 203K Loans, but there is no assurance that each of these Lenders are proficient at doing them. We at McCue Mortgage made a decision many years ago that we would not participate in this program, we do not have the time and resource that the full 203K Loan Program requires.  However, we have recently decided to participate in a mod...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
The Middlesex County Chamber of Commerce will be holding its next Business After Hours on Thursday, April 23, from 5 p.m. to 7 p.m at the Galleria Design Center in Middletown.  This will be the second time that the Chamber has held a Business After Hours at the Galleria.  The first was last year and the turnout was outstanding, as well the food that was provided. If you have never been to the Galleria, this will be truly a treat for you.  Their selection of bathroom, and Kitchen fixtures are amazing, and I have never seen a larger display of Granite Counter tops anywhere else.  You will also find several displays of cabinets, tile flooring, decks, windows, doors, window treatments and a whole host of other things. There will be complimentary hot and cold hors d'oeuvres, wine, beer, and ...
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