CHFA Home Purchase Loans

Posted on September 18, 2017 · Posted in Connecticut First Time Mortgage, Connecticut Home Purchase Mortgage
CHFA Home Purchase Loans


Connecticut Housing Finance Authority (CHFA) is  Connecticut ’s Premier  Mortgage Program for “First Time Homebuyers”. This special first time  homebuyer program offers a low fixed interest rate mortgage, and down payment  assistance to make the dream of homeownership more affordable for individuals  and families looking to purchase a home in the state of Connecticut.
CHFA Mortgages are available to homebuyers who  have not had an ownership interest in a home for the previous 3 years. Prior  homeowners may qualify for a CHFA mortgage if the home they purchase is within  an area that is designated by CHFA as a targeted areas.  Household income limits which  vary by town, apply to all borrowers with one exception: In targeted areas,  households exceeding the income limit may still apply for CHFA financing.
CHFA Mortgage may be used to purchase an  existing one- to four-family home, mobile homes, a newly constructed single  family home, or a newly constructed two-family home in a targeted area. They can  also be used to purchase condominiums that are on the CHFA eligible condominium  list. All properties must be owner occupied, and CHFA loans are not available  for investment properties.
The Down-payment Assistance  Program (DAP) provides homeownership opportunities to eligible buyers who are  unable to provide their own down-payments. Applicants may also be eligible to  borrow funds to pay their closing costs. A DAP loan can only be used in  conjunction with a CHFA first mortgage.

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