CHFA Loans and Why Being a CHFA Approved Mortgage Lender Matters!

Connecticut’s CHFA Program offers below-market rates on 30 year fixed loans for first-time homebuyers, buyers who have not owned a home in 3 years or buyers who are looking to purchase in certain targeted areas within the state.  PMI can be waived if the buyer is able to put 20% down.  The 20% down-payment can be a gift from a direct family member.  And, the DAP, or Down-payment Assistance Program, available to qualified buyers, covers the closing costs, allowing for 100% financing even without a seller concession.
 
One of the misconceptions many people have about CHFA is that it is a low-income loan product.  Although there are income and sales price limits for CHFA loans, these are sufficiently high enough that most people will not exceed them.  For example, in Glastonbury the current income limit for a 1or 2 person household would be $105,240.  The limit jumps to $122,780 for a household of 3 or more.  The sales price limit on a Glastonbury home would be $406,154.  The CHFA Homebuyer Program is a great product  for many first-time homebuyers.

 CHFA also has programs specifically designed to provide exceptional benefits to:

• Police
• Teachers
• Military
• Persons with Disabilities
• People looking to buy in targeted areas
• People looking to purchase a home that needs repairs