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Connecticut Housing Finance Authority (CHFA) FHA 203K Loan - Introduction

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

The McCue Mortgage Company this week began to participate in the new Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program.  FHA 203K Loans have been around for a long time, but it now has a little added twist through the Connecticut Housing Finance Authority (CHFA), and McCue Mortgage is one of the first Lenders to participate in the new Connecticut Housing Finance Authority (CHFA) Loan Product.

Over the next few days I plan to do a series of blogs about this new Connecticut Housing Finance Authority (CHFA) new 203K Loan Program.  Many of the features of this 203K Loan Product will be the same as the traditional FHA 203K Loan Product, but the Connecticut Housing Finance Authority (CHFA) 203K will also include some of the features that are specific to CHFA.

We are excited about this new opportunity to help Realtors throughout the State of Connecticut sell some of those distressed properties that have been dificult to sell in the past.  This new Connecticut Housing Finance Authority (CHFA) 203k will not only provide us with more opportunities to help Buyers purchase a home, it will also give our Realtor Partners more opportunities to sell more houses.

The new Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program will be Underwritten by McCue Mortgage as well as Serviced by us, the same as all the other CHFA Loan Programs are.  Everyone at McCue Mortgage has been well trained on this new loan product, and are ready to make it a success.

I hope to start this blog series tomorrow, so I hope the Realtors and Buyers in Connecticut that read it are able to benefit from it, as well as others that might want to learn more about it.

 

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308   gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments(10)

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Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

George, this will be a great program for first time buyers. The banks that offer 203K mortgages, don't offer the additional values like down payment asssitance that keeps first timers from getting some of those deals. Looking forward to the rest

Jun 30, 2011 12:54 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

George,

203k is a great program, but it takes understanding!

It' not your father's FHA.

Bill

Jun 30, 2011 12:58 PM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George -- I will look forward to reading and learning more about this. Thanks!

Jun 30, 2011 01:52 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed, the Downpayment Assistance unfortunately will not be available with this program, but they will allow some of the Closing Costs to be rolled into the loan.

Bill, yes it does, and even though we are training everyone on this product, they will have to take a test at the end.  If a Loan Officer does not get a passing grade, they will not be allowed to do a loan untill they do.

Barbara, there is a lot to this program, but for the purpose of the blogs, I will try to keep it simple while still providing the necessary information.

Jun 30, 2011 03:13 PM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

George, I just had a closing where I thought we were going to have to do a 203K as the seller would not put carpet in.  The good news was that FHA changed that requirement just in time so we were able to do the 203B.

 

Jun 30, 2011 04:37 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George this is great new, and as you stated should help some CT agent move some distressed properties.

Jun 30, 2011 04:58 PM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

George, where was this when I needed it, and badly??? LOL, it's ok, as the buyer used their own bank (shudder - I do not ever want to go through that hassle again), but i'll definitely be looking forward to providing this info to any new buyers in my sphere who may want to pursue that option.

Jul 01, 2011 03:19 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Marchel, good thing that it wasn't the kitchen or bathroom that needed the flooring.

Jennifer, I think we will be doing many of these loans for because of that.

William, hopefully this will help you provide a service to your Buyers and help you sell more properties.

Jul 03, 2011 07:46 AM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

George, You are correct the kitchen and bathrooms had flooring.  I will have to put that away in my mind for future reference.

Jul 03, 2011 08:21 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

George - While I haven't done a lot of 203k loans in my mortgage career, I hae enjoyed the ones I have done.  I'd like to do more but so many of the listing agents and their sellers are just simply not interested in entertaining 203k offers.  All they want is the quickest and easiest transaction possible and those are all cash deals. 

I strongly suspect that you're not going to have any problem finding prospective borrowers for your new program but I highly suspect that you and your associates will have your work cut out for you in trying to educate many of the listing agents and their sellers in trying to change their attitudes and opinions about the 203k loan program. 

Best of luck and I look forward to hearing more about your success with this program and how more buyers in your market are getting some of those really distressed properties off the market.  :)

Jul 03, 2011 03:51 PM
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