Connecticut CHFA Mortgage Loans

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial in Middletown, CT. Today I would like to talk to you about CHFA loans and how you could afford the home of your dreams today!

For those of you that are not aware, CHFA stands for the Connecticut Housing Finance Authority. These loans are special to Connecticut residents only and are geared towards first-time home buyers. A firs-time homebuyer is defined as anyone who has not owned a home in the last three years. CHFA loans offer low interest and down payments and have looser guidelines which helps Connecticut residents achieve the dream of owning property.

How do CHFA loans differ from other government mortgages? The main difference is the interest is below market. If you're interested in the current rate on these loans, feel free to call or email me. In terms of qualification, CHFA programs have income limits which vary by Connecticut region and where the applicant wants to purchase property.

Additionally, CHFA loans have specific property and sales price guidelines. The property purchased must be a year-round residence; the loan cannot go toward a recreational, vacation, investment, commercial, or rental property. The property itself can be a new or existing single-family home, a townhouse, part of a planned unit development, a newly-constructed property meeting FHA energy-efficient guidelines, an FHA-approved condominium, a two- to four-family home within restrictions, or an FHA-approved mobile home.

One of the special programs I would like to point out is called the Downpayment Assistance Program (DAP). This can be use for Connecticut home buyers who may actually be qualified for a loan but do not have enough savings to meet the downpayment requirement. Therefore, the DAP can serve as a supplementary mortgage program to help these people still be able to purchase their dream homes.

If you interested in receiving more information on CHFA loans, feel free to give me a call at 860-918-0251 or email me at johnv@northeast-mortgage.com.