Connecticut Housing Finance Authority (CHFA) offers mortgage programs for police officers and teachers who are first time home buyers or have not owned a principal residence in the last three years. These are 30 year fixed rate loans that are offered at below market interest rates. This loan can be used to finance single family homes, townhouses, FHA approved condominiums and two-to-four family residences. The applicant must intend to use the home as their primary residence. A downpayment of 3.5% is required with a CHFA Loan, although there is a Downpayment Assistance Program that would allow for up to 100% financing. A down payment of 20% enables the borrower to get the CHFA rate with no PMI.
The Police Homeownership Program loan is available for municipal police officers who are looking to purchase in the communities where they work or to state police officers purchasing a home in any participating town. Previous homeowners may purchase a home in an area targeted for revitalization. There are income limits that are used to qualify an applicant for the loan, although they do not apply for homes purchased in these targeted areas. Additionally there are sales price limits which vary by town and these must be met for the property to qualify.
The Teachers Mortgage Assistance Program is available for teachers who are first time home buyers. This program is also available to teachers who are certified and teaching in state-determined subject matter shortage areas as well as teachers who are purchasing in a priority or transitional school district.
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Although the rates are subject to change and fluctuate with the market, currently the interest rate for these CHFA Loan Programs is 3.375%. which is significantly less than the current market average of 4.375%. If you think the CHFA Police Homeownership Program or Teachers Program might be right for you, please contact me directly for more information.
(Loan Officer - NMLS# 1083107)
Northeast Financial
(Company NMLS # 117273)
210 S. Main St. First Floor
Middletown, CT 06457
860-335-9918 (phone)
203-413-6240 (office fax)
Website: http://www.northeast-mortgage.com
Email: stephanie@northeast-mortgage.com
Stephanie G. Smith
(Loan Officer - NMLS# 1083107)
Northeast Financial
(Company NMLS # 117273)
210 S. Main St. First Floor
Middletown, CT 06457
860-335-9918 (phone)
203-413-6240 (office fax)
Website: http://www.northeast-mortgage.com
Email: stephanie@northeast-mortgage.com
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