If you are thinking about purchasing a home, it is important that you start preparing for the mortgage application and the paperwork that it requires.  If you are paying cash for the property please disregard the following.  But if you are like most home buyers you will need some mortgage loan financing.  
When you apply for a mortgage loan with McCue Mortgage Company we will need to do what is called a full documentation loan.  Conventional, VA, FHA, CHFA, DAP and Rural Development mortgage loans all require that we be able to back up what is entered on the mortgage … (2 comments)

mccue mortgage co: CHFA 8 HOUR HOMEOWNERSHIP CLASS - OPTIMISM STILL EXISTS - 10/30/10 10:18 AM
There is room for optimism in the real estate marketplace.  I know, I know, that's not what the newspapers, internet and television are telling you, but I beg to differ.  
Today, representing McCue Mortgage Company, I had the opportunity to speak to the CHFA 8 Hour First Time Homebuyer Class hosted by Catholic Charities in Norwich, Connecticut.  There were 8 individuals or couples who attended today who have never owned a home.  They were willing to spend the day to learn as much as possible about buying their first home.  From what I could tell in my discussion with them, they all have jobs, earn a … (1 comments)

mccue mortgage co: IT IS WORTH LOOKING AT ALL MORTGAGE OPTIONS - 10/16/10 07:24 AM
When you purchase a home the amount of money that you have for down payment will impact your monthly mortgage payment.  Let me give you an idea of the difference using a home price of $250,000.00.  
A conventional mortgage is available with no mortgage insurance premium if you are in a position to put 20% down.  The down payment amount would be $50,000.00.  
A VA mortgage is available with NO money down and if you are an eligible veteran buying your first home you are responsible for paying a VA Funding Fee of 2.15% of the loan amount.  With … (2 comments)

mccue mortgage co: American Dream Downpayment Initiative (ADDI) - 10/16/10 02:10 AM
Are you a first time home buyer or a home buyer who has not owned a home in the last three years?
Are you thinking about buying a one family or condominium in New London County?  The towns included in New London County include:
Bozrah, Colchester, East Lyme, Franklin, Griswold, Groton, Lebanon, Ledyard, Lisbon, Lyme, Montville, New London, North Stonington, Norwich, Old Lyme, Preston, Salem, Stonington, Voluntown and Waterford.
Do you have an income that does not exceed the following limits?
Family Size                        Maximum Gross Income
1                                      $45,100.00
2                                      $51,550.00
3                                      $58,000.00
4                                      $64,400.00
5                                      $69,000.00
6                                      $74,750.00
7                                      $79,900.00
8                                      $85,050.00
If … (4 comments)

mccue mortgage co: VA WOOD-DESTROYING INSECT INSPECTION REPORT - 10/14/10 12:27 PM
A question comes up periodically when Realtors are completing Purchase & Sales Agreements for their homebuyers who want to use their VA home buying benefits.
The VA requires that a Wood-Destroying Insect Inspection Report (Form NPCA-1) be completed whenever a veteran is purchasing a home using the VA home mortgage program.  Usually it is negotiable between buyer and seller as to who will pay for any tests on a home (well, septic, lead, radon, asbestos, etc.).
We, at McCue Mortgage Company, are asked quite often if VA still requires that the Wood-Destroying Insect Inspection Report be paid for by the seller.  The answer is "YES".  VA does not limit who can … (2 comments)

mccue mortgage co: SHORT ON CASH ? - CONSIDER THE D. A. P. - 08/30/10 01:58 PM
If you are buying a home in Connecticut and don't have a lot of extra cash, consider a State of Connecticut program called Downpayment Assistance Program (DAP). 
This program will lend you the money needed for closing costs, prepaid items and down payment for the purchase of your first home.  The primary guideline of the program is that you have less than $5,000.00 in available assets.  The assets reviewed include savings, checking, money market funds, certificate of deposits, stocks, bonds and retirement funds asuch as 401-k, 403-B and 457 plans.  The DAP will use 70% of the monies in the retirement funds … (2 comments)

mccue mortgage co: TAX CREDIT CONTINUES UNTIL APRIL 30, 2011 (for some people) - 07/05/10 10:17 AM
If you have served with the military outside the USA you may still be able to take advantage of the $8,000.00 or $6,500.00 homebuyer tax credit.  Serving at least 90 days  out of the country during the time period of December 30, 2008 and May 1, 2010 should make you eligible to still take advantage of the tax credits.
The media and most of us have been focused on the tax credit that was for homebuyers under contract by April 30, 2010.  Even more focus has been on the extension of the final closing date from June 30, 2010 to September … (5 comments)

mccue mortgage co: MY NEW FAVORITE NUMBER - 07/05/10 06:45 AM
The S.A.F.E Act (The Safe and Fair Enforcement for Mortgage Licensing Act) and the Nationwide Mortgage Licensing System and Registry (NMLS) provides a permanent identifier number which will allow for electronic tracking of the work that I do for McCue Mortgage Company.
In order to be a licensed loan originator in the State of Connecticut, I must do the following:
Submit to and pass a criminal background check, including fingerprinting.  
Submit to a credit check.  
Annually complete at least 8 hours of continuing education.  
Be financially responsible.  
Have no felonies relating to fraud, money laundering or dishonesty.  

mccue mortgage co: McCue Mortgage Buyer's Edge Approval - 06/13/10 09:51 AM
If you are considering purchasing a home, please consider taking advantage of the McCue Mortgage Company Buyer's Edge approval program.  Buyer's Edge allows you to be approved for a mortgage loan with only one condition - finding a home and having it appraised.  
When you complete a Buyer's Edge loan application, I complete all of the paperwork that relates to you personally.  We ask for pay stubs for one month, W-2's for the last two years, bank/credit union/brokerage/retirement statements covering a two month time period and any other paperwork that may be appropriate to complete and approve your application.  Examples of … (1 comments)

mccue mortgage co: SPRINGFEST AT THE BEACH 2010 - New London, CT CHILI COOKOFF WINNERS - 05/30/10 02:24 PM
On the evening of May 21, 2010, 21 different chili contestants took part in the New London Rotary Foundation Springfest at The Beach 2010 Chili Cook Off.
There was a Judge's category and a People's Choice category.  For the Judge's category there were four cash prizes for the top four chili entries.  The winners were as follows:
Chester's BBQ won the $500.00 First Prize donated by McCue Mortgage Company
New London Fire Dept. Burn Unit won the $300.00 Second Prize donated by the New London Rotary Club
Gourmet Galley won the $200.00 Third Prize donated by Siegel, O'Connor, O'Donnell & Beck, PC

mccue mortgage co: 60th YEAR OF MCCUE MORTGAGE COMPANY - 02/27/10 11:40 PM
McCue Mortgage Company, my employer for the last 30 years, is celebrating its 60th year of mortgage lending.
Please see below for the link to our 60th anniversary website.
Celebrating 60 years of our family business helping Connecticut families! Learn more about us at:
It is filled with history of the company, bio's for all of us, timelines, kudos, etc.
I hope that you'll take a few minutes to visit the site and enjoy our celebration

mccue mortgage co: 74 DAYS TO GO - $8,000.00 / $6,500.00 - 02/15/10 02:45 AM
The extension/expansion of the federal tax credit for homebuyers is expiring on April 30, 2010.  Signed real estate purchase and sales agreements need to be completed by April 30th and the closings need to take place by June 30, 2010.
The clock is ticking ever more loudly every day.  At McCue Mortgage Company I am speaking to more and more first time buyers who are expressing an interest in obtaining the up to $8,000.00 tax credit but have seen little or no interest in the up to $6,500.00 tax credit for present homeowners thinking about buying another house.
What are you … (3 comments)

mccue mortgage co: NO SLOW DOWN FOR NOVEMBER & DECEMBER - 11/29/09 03:12 AM
This past week has brought lower interest rates in the mortgage business.  All rates are below 5% for a 30 year fixed rate mortgage.  We saw these rates for a brief period in the spring and then they went up again.  
With the extension/expansion of the tax credit for home buyers,  this lowering of the rates brings us another reason to think about buying or selling a home.   With the tax credit, more reasonable house prices and very low rates, home buyers have three fantastic reasons to come into the market. 
November and December are supposed to be slow months.  … (1 comments)

mccue mortgage co: THANKSGIVING QUESTIONS - 11/25/09 09:46 AM
1. What is a male turkey called?
2. When was the first Thanksgiving?
3. What Native American tribe celebrated the first Thanksgiving with the pilgrims?
4. What percentage of Americans eat Turkey on Thanksgiving?
5. Where was the first Thanksgiving enjoyed?
6. What day does Thanksgiving fall on each year?
Happy Thanksgiving  from all of us at McCue Mortgage Company.

mccue mortgage co: 60th YEAR OF MCCUE MORTGAGE COMPANY - 11/22/09 07:19 AM
This month begins the 60th year of McCue Mortgage Company as a mortgage banking firm here in Connecticut.
I have taken a page from our website that gives a brief history of the firm.  As the year progresses I will share what we are doing to celebrate this milestone.  As you can imagine there will be a lot of information to share.
We look forward to helping many more clients in the years to come.
"The McCue Mortgage Company was founded in 1949 by William D. McCue. During the 1950s, the company became well established in correspondent relationships with John Hancock … (2 comments)

mccue mortgage co: TAX CREDIT FOR HOMEBUYERS - 11/14/09 08:51 AM
Please visit for up to date information on the extension and expansion of the federal tax credit for homebuyers.
When you go to McCue Mortgage Company's home page click on the box that says  HOMEBUYER TAX CREDIT  - click here for more information.  It is outlined in red.
There is lots of good, accurate information about the extended/expanded tax credit program.  I hope that you will find this to be helpful.

mccue mortgage co: GETTING THE WORD OUT - 03/29/09 10:15 AM
On Thursday April, 2nd I have been asked to be a member of a four person panel to provide an update on mortgage programs to the Membership Meeting for the Eastern Connecticut Association of Realtors ( The four mortgage professionals will give brief updates on CHFA, VA, FHA and FNMA/FREDDIE MAC.  My responsibility will be to cover the current guidelines for Connecticut Housing Finance Authority mortgage programs.  This is a great opportunity to present information on the very popular CHFA ( program.
On Friday and Saturday, April 3rd and 4th, McCue Mortgage ( will be taking part in the ECAR Mortgage Fair. This will take place at the Holiday Inn, Exit … (1 comments)

mccue mortgage co: Pfizer Buzz - 03/17/07 07:37 AM
Pfizer, Inc the world's largest pharmaceutical company has two sites in southeastern Connecticut devoted almost exlusively to research and development.  The two campuses are located in Groton and New London, Connecticut on the east and west shores of the Thames River close to Long Island Sound.
Over 5,000 people work at these two facilities and 1,000 more people are being asked to relocate here from other parts of the country.  Every weekend another group of Pfizer employees come to our area to take in the sights, visit our towns and get a feel for the area.  With sailing and boating on Long … (4 comments)

Rainmaker large

Philip Turner

Mortgage Banker Since 1980

New London, CT

More about me…



Office: (860) 444-0650

Fax: (860) 443-8108

Email Me

Mortgage information and lots of other thoughts from a long time SE Connecticut home financing professional.




RSS 2.0 Feed for this blog