We offer 30-year, fixed-rate mortgages with below-market interest rates to low-to moderate-income families and individuals in Connecticut. CHFA Loans are offered at competitive interest rates. For current rate information, call CHFA’s 24-hour rate line at (860) 571-3571 or visit our website at www.chfa.org. CHFA’s Rates SAMPLE • CHFA offers two rate structures as well as Point Options. 3. The default figures shown are hypothetical and may not be applicable to your individual situation. Please see CHFA’s Multifamily Financing Program Parameters &Fees. Interest Rate Fixed interest rate Optional CHFA Second Mortgage/ Preferred Plus Second mortgage for up to 4% of first mortgage loan amount. • CHFA provides a 30-year, fixed rate mortgage. CHFA is also a State Bonded Mortgage Programs, which means CHFA funds their loans through State and Federal funds. Left and right arrows move across top level links and expand / close menus in sub levels. The Connecticut Housing Finance Authority offers home loans at below-market and competitive interest rates to eligible homebuyers through its various Homebuyer Mortgage Programs. For example this week the CHFA rate is 5.0 % with up to One Point (1% Origination Fee) payable to Lender. • Targeted areas allow for ¼% discount on rates, BUT CANNOT BE COMBINED WITH PROGRAMS THAT OFFER THE DISCOUNTED RATES LISTED BELOW: The following programs offer a rate reduction of 1/8% discount on rates: Rent and Income limits are published annually by … Please Note: The information provided by these calculators is intended for illustrative purposes only. If the borrower cannot reach Initial Closing within sixty (60) days of locking in the rate, the borrower will forfeit the not-to-exceed rate and will be charged a “Rate Reset" fee equivalent to 0.25% of the construction and permanent loan amounts. The New CHFA Income Total Debt-To-Income Ratio On HFA Loans will match the new increased Fannie Mae Debt-To-Income (DTI) Ratio from 45% to 50%.. CHFA does not always follow the insurer's DTI Ratios. ... New Britain, CT 06051 NMLS # 2576. The Connecticut Housing Finance Authority (CHFA) is Connecticut’s Premier Mortgage Loan Program for “First Time Homebuyers”. This new version of that program might finally make this a viable program for those who are in trouble on their mortgage, because of it being an Adjustable Rate … Here are the chfa mortgage rates as of November 5, 2009:. There are options available for even lower CHFA rates. CHFA helps homeowners at risk of foreclosure connect with HUD-approved housing counselors. There are certain criteria that is taken into consideration when applying for a CHFA Loan both on the part of the borrower, as well as the property the borrower is looking to purchase. Box 150463 Hartford, CT 06115-0463. Low Fixed Rate … FHA and CHFA mortgage interest rates often differ by about 1%, so I want you to be informed! The interest rate is tracked by your Social Security Number so if rates go down, you will not be able to go to another lender to take advantage of the rate reduction. Apply to Residence Manager, Assistant Manager, Site Manager and more! CHFA mortgages can be used to purchase single family homes, condos, multi-family homes, and even some mobile homes. Tab will move on to the next part of the site rather than go through menu items. Connecticut Housing Finance Authority is a leader in home financing in Connecticut. Loans are 30 year, fixed rate with 1% Origination Fee payable to the lender. The Connecticut Housing Finance Authority (CHFA) offers a Down Payment Assistance Program (DAP) with low interest rates to homebuyers who are eligible for a CHFA first mortgage. I am putting 5% down ($11,750) on a $235,000 house. Tax-exempt bonds are subject to availability. Access to CHFA advantages is dependent on household income (which is determined at the county level and by size of household). program highlights: 30-year fixed rate Fannie Mae “HFA Preferred” or Freddie Mac “HFA Advantage” purchase loans only (97% LTV/ 105% CLTV) CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids The Internet's leading website for home loans, mortgages, electronic lending, and loans using the best mortgage tools on the Internet. These days, the CHFA program will cost the buyer 1% of the mortgage amount in addition to the standard closing costs charged in the state of CT. An example is the buyer purchasing a home and financing $230,000 would pay an additional $2300 (or 1%) for the below market interest rate. The site navigation utilizes arrow, enter, escape, and space bar key commands. My lender didnt know much about CHFA, he's registered in CT but located out of MA. This assistance is provided in the form of a supplementary loan with below-market interest rates. Note: The interest rate will be the same as the CHFA first mortgage financing rate. Lesson learned for me. Special rates and loans are open to military, police, ... CHFA loans are not a financing option for all properties. The CHFA Mortgage Loan, or "CHAFA" as it is sometimes known, is operated by the Connecticut Housing Finance Authority. Locked in at 3.0% for 30 years. The CHFA loan program is now offering 30 year fixed rate mortgages at 4.75%. Online shopping for the best loan rates, best loan programs, and current rates. All Rights Reserved, Emergency Mortgage Assistance Program (EMAP), Conventional AMI Loan Program (CALP) FAQ's, Interest on Real Estate Brokers Trust Account, Compliance Reporting and Property Look-up, Capital Improvement Resources and Financing, CHFA Conventional AMI Loan Program (CALP). CHFA has programs that may help you. The Connecticut Housing Finance Authority is a leader in providing affordable mortgages for first-time homebuyers and borrowers who have not owned a home in 3 years. With no money down required, the CHFA Loan makes it possible to afford a home now. The CHFA loan program provides down payment assistance up to 100% of the homes purchase price to first-time homebuyers in the state of Connecticut. No down payment; 100% mortgage financing with good credit. CHFA is a Quasi Government Agency that provides a 30-year fixed rate Mortgage Program, with an interest rate below comparable market rates. Interest rates are subject to change weekly. Up and Down arrows will open main level menus and toggle through sub tier links. CHFA Mortgage rates are at their lowest point in years, and with the extension of the homebuyer tax credit now is the perftect time to buy. CHFA has TWO loan numbers most of the time. The CHFA … The Connecticut Housing Finance Authority offers home loans at below-market and competitive interest rates to eligible homebuyers through its various Homebuyer Mortgage Programs. Connecticut Housing Finance Authority Lenders of 2020 CHFA, or the Connecticut Housing Finance Authority, provides below-market-rate mortgages and help for making down … If you have not owned a house in the ;last 3 years you can still apply. The state, through the Connecticut Housing Finance Authority (CHFA), administers 13 financial assistance programs for homebuyers. © 2020 Connecticut Housing Finance Authority. Up to a $200.00 Application Fee payable to the Lender. Our below-market interest rate mortgages are designed for low- and moderate-income individuals and families. CHFA rates are posted every Thursday, and are fixed until the following Thursday. CHFA is offering an online … The Internet's leading website for home loans, mortgages, electronic lending, and loans using the best mortgage tools on the Internet. The following rates went into effect on Friday, July 19, 2019: ——————————————————-Homebuyer Mortgage Program Payment Address P.O. The monthly rate will be $941 plus $91 for PMI...So $1032 total monthly payment for mortgage and PMI only. Our fixed-rate loans, CHFA Down Payment Assistance (DPA) Grant and CHFA DPA Second Mortgages for down payment assistance and/or closing cost assistance, and homebuyer education will give your borrowers the confidence to pursue homeownership. CHFA First-time Homebuyers Guide 8 Steps to Buying a Home. “The dream of homeownership remains aliveand well,” said Eric Chatman, President and Executive Director, CHFA. Homebuyer Mortgage Program Interest rate: 4.750 % (APR range 4.850 - 5.250 %) Term - 30 years, fixed rate Enter and space open menus and escape closes them as well. The Conventional Mortgage rates this week have been fluctuating between 5.5% and 5.75%, so as you can see the CHFA rate is far below the Conventional Rate. I live in Connecticut and am using the CHFA loan program which offers low rates for first time home buyers. Please scroll down on the right for additional Mortgage Program Interest Rates. If a borrower is unable to achieve an initial closing within thirty (30) days of locking in the construction and permanent rates, the borrower will be charged an "Initial Closing Extension" fee equivalent to 0.25% of the construction and permanent loan amounts. The monthly rate … They are for First Time Homebuyers who are looking to purchase a home in certain areas that are targeted for revitalization. The CHFA loan program is designed to provide up to 100% home loan financing to prospective eligible first-time homebuyers for home purchases in Connecticut. Some borrowers may even be able to avoid mortgage insurance. 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