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.
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