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Connecticut Housing Finance Authority (CHFA) Interest Rates Dropping Once Again.

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

Two months ago Connecticut Housing Finance Authority (CHFA) Interest Rates Dropping Once Again to the lowest that they had ever been.  I wrote a blog on November 17, 2011 stating that "Just when you think that interest rates cannot go any lower, the Connecticut Housing Finance Authority (CHFA) proves you wrong."  Back in November the rate had droped to 3.375%.   Well they have proved me wrong again this week by dropping to a new CHFA all time low of 3.25%.  The CHFA rate comes out once per week, and is fixed at that rate from Thursday to Thursday.

For those not familiar with CHFA, it is a 30 year fixed loan for First Time Homebuyers.  Even though CHFA requires a 3.5% downpayment, it lets First Time Homebuyers borrow the 3.5% downpayment along with all the closing costs if the Borrower does not have the funds.

CHFA will further reduce this incredible rate even further if the Borrower is a teacher or veteran by an addition .125%, and by .25% if the property is in one of their designated targeted areas.   That means that the CHFA interest rate until Thursday could actually be as low as 3% if the property is in a targeted area.

This rate is to good of a deal to let it go buy without taking advantage of it.  At this interest rate, and with house prices falling, a Buyer can purchase a bigger and higher price house than they could ever have before.

With Connecticut Housing Finance Authority (CHFA) Interest Rates Dropping Once Again to the lowest that they had ever been. 

 

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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(3)

Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, it's simply unbelievable how low rates are...3%!!!! WOW!!!  It looks like the CHFA is doing everything they can, now it's up to the buyers to take advantage of it...3% is truly amazing.

Jan 20, 2012 12:06 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

George, that is probably an all time low for them. A great sign for borrowers, but not a good sign for the market.

Jan 20, 2012 01:54 PM
Debbie Walsh
SHAHAR Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Another sign that NOW is definitely still the time to get out there and BUY!

Jan 21, 2012 09:11 AM