The Connecticut Housing Finance Authority, more ordinarily named as CHFA, is a self-supporting quasi-public housing agency in the state of Connecticut that came into being in the year 1969 in an attempt to address the concerns regarding the shortage or inadequate supply of reasonable housing chances for Connecticut's low- and moderate-income families and individuals.
The loan programs of the CHFA are totally designed to make a contribution to the awareness of its mission which is to "help alleviate the shortage of reasonable housing for low- and moderate-income families and people in Connecticut, and when acceptable, to plug or maintain the commercial development of the State through employer-assisted housing efforts."
In accordance with this mission, the Connecticut Housing Finance Authority has been controlling the Homebuyer Mortgage Program for First Time Homebuyers. The programme is literally capable of offering home loans and below-market interest rates to first time homebuyers who reside in Connecticut and who are intending to get a property that is found in Connecticut.
Among all the features of the Homebuyer Mortgage Program, the most important ones are its low rates (Interest rate: 3.375%**/APR range 3.475 - 3.875%), less mortgage fees, and a fixed rate 30-year mortgage payment schedule.
In order to qualify for the Homebuyer Mortgage Program, a borrower must be:
1) A first-time homebuyer (someone who hasn't occupied or owned a home for last 3 years
2) Homebuyers (aside from first time homebuyers) who are preparing to acquire a home in a targeted area
3) Homebuyers whose income does not exceed the limits set by CHFA
4) Homebuyers who've got a good credit rating and credit history
5) Homebuyers who have got a stable job and adequate income that would cover long-term mortgage payments.
The sorts of properties that may be bought under the Homebuyer Mortgage Program are the following:
1) Existing and new single-family homes, townhouses and Planned Unit Developments
2) Recently established homes that meet FHA's energy conservation standards
3) Condominiums that are accepted by the CHFA
4) Two- to four-family homes which have been employed as a residence for the previous five years or recently built two-family homes in a CHFA centered area
5) Mobile houses that are approved by the CHFA
6) Any of the following homes stated above that doesn't exceed the purchasing limits that are set by the CHFA.
Aside from the Homebuyer Mortgage Program, borrowers can also avail of other CHFA homebuyer programs such as the Downpayment Assistance Program which can often be utilized in conjuction with the Homebuyer Mortgage Program.
The loan programs of the CHFA are totally designed to make a contribution to the awareness of its mission which is to "help alleviate the shortage of reasonable housing for low- and moderate-income families and people in Connecticut, and when acceptable, to plug or maintain the commercial development of the State through employer-assisted housing efforts."
In accordance with this mission, the Connecticut Housing Finance Authority has been controlling the Homebuyer Mortgage Program for First Time Homebuyers. The programme is literally capable of offering home loans and below-market interest rates to first time homebuyers who reside in Connecticut and who are intending to get a property that is found in Connecticut.
Among all the features of the Homebuyer Mortgage Program, the most important ones are its low rates (Interest rate: 3.375%**/APR range 3.475 - 3.875%), less mortgage fees, and a fixed rate 30-year mortgage payment schedule.
In order to qualify for the Homebuyer Mortgage Program, a borrower must be:
1) A first-time homebuyer (someone who hasn't occupied or owned a home for last 3 years
2) Homebuyers (aside from first time homebuyers) who are preparing to acquire a home in a targeted area
3) Homebuyers whose income does not exceed the limits set by CHFA
4) Homebuyers who've got a good credit rating and credit history
5) Homebuyers who have got a stable job and adequate income that would cover long-term mortgage payments.
The sorts of properties that may be bought under the Homebuyer Mortgage Program are the following:
1) Existing and new single-family homes, townhouses and Planned Unit Developments
2) Recently established homes that meet FHA's energy conservation standards
3) Condominiums that are accepted by the CHFA
4) Two- to four-family homes which have been employed as a residence for the previous five years or recently built two-family homes in a CHFA centered area
5) Mobile houses that are approved by the CHFA
6) Any of the following homes stated above that doesn't exceed the purchasing limits that are set by the CHFA.
Aside from the Homebuyer Mortgage Program, borrowers can also avail of other CHFA homebuyer programs such as the Downpayment Assistance Program which can often be utilized in conjuction with the Homebuyer Mortgage Program.
About the Author:
Iola Bonggay is an editor of TopGovernmentGrants.com one the the most elaborate Sites providing information on govt grants and government programs. She also maintains Websites providing resources on community grants and health grants.
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