The Connecticut Housing Finance Authority (CHFA) HERO Program In Wallingford CT, is a great opportunity for not only Wallingford, CT Homebuyers, but for all other buyers in Connecticut as well. HERO is short for Homeowners Equity Recovery Opportunity Loan Program, and this program offers an excellent opportunity for both First Time, and Existing Homeowners to purchase a property at current CHFA interest rates. This week they are at 3% with 1 point.
The Connecticut Housing Finance Authority (CHFA) HERO Program In Wallingford CT was specifically designed by CHFA to help Homebuyrers in Connecticut to purchase Foreclosed, Abandoned, or Bank Owned properties. Below are the highlights of the program:
- Only for Owner Occupied Properties, that will be the homebuyers primary residence.
- Eligible properties need to be a Approved FHA Condo's, Pud's, or Single Family detached properties.
- No Income Limits like with the regular CHFA First Time Homebuyer Program, unless Homebuyer is doing a DAP Loan.
- No Sales Price Limits like the regular CHFA Mortgage Program.
- Not Limited to First Time Homebuyers.
- Existing Homeowners do not have to sell their current home, but they must occupy the new property purchased through the HERO Program.
- 30 year fixed loan
- 3.5% Downpayment required, but DAP Loans are available to cover the Downpayment & Closing Costs.
- The HERO Loan can be combined with a CHFA 203K.
- Additional .25% off of the interest rate if purchasing within a Targeted Area.
- 120 Day Rate Lock.
- Debt-To-Income Ratios 31/43
- Minimum Loan Size $50,000
The Connecticut Housing Finance Authority (CHFA) HERO Program In Wallingford CT Opens the door to Wallingford, CT First Time and Existing Homebuyers as well as all other First Time and Existing Homebuyer in Connecticut to an incredible low Interest Rate to purchase a Foreclosed, Abandoned, or Bank Owned properties. Of course like all loan programs the Borrower must be able to meet the guidelines in order to qualify. But for those that do this is an amazing opportunity to be able to purchase a Foreclosed, Abandoned, or Bank Owned property, at an unbelievable Interest Rate.
To learn more about the Connecticut Housing Finance Authority (CHFA) DAP Program and other CHFA Programs read my blog on an Overview of CHFA, or visit the Connecticut Housing Finance Authority (CHFA) Webesite.
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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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