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Connecticut Housing Finance Authority (CHFA) HFA 3% Down Conventional Mortgage

 
 The Connecticut Housing Finance Authority (CHFA) has introduced their new Connecticut Housing Finance Authority (CHFA) HFA 3% Down Conventional Mortgage.  This is great news for Connecticut First Time Homebuyers, and for the housing market in Connecticut. 
The Connecticut Housing Finance Authority (CHFA) is the premier first time homebuyer mortgage program in Connecticut.  In 2008 CHFA discontinued Conventional Purchase Loans, and only offered FHA Insured Loans.  With the  FHA changes that went into effect on April 1, 2013, CHFA began to realize the FHA changes were a  disadvantages to Borrowers, and once again began incorporating Conventional Products into their Purchase Mortgage Programs.
The first change took place on January 21, 2013, with CHFA providing an option for Conventional Mortgages on 1-4 Unit Properties with a 20% downpayment.  But that option was not available for existing Fannie Mae (FNMA) eligible condominiums.  However, on March 15, 2013, CHFA extented the Conventional Mortgage 20% Down Payment program to Condominiums.
Even though the 20 Down Conventional Mortgage Programs offered by CHFA in early 2013 were welcomed programs, the 20% Down Payment requirement was a problem for most First Time Homebuyers.  It became obvious a conventional mortgage program with similar downpayment requirements, and the ... more

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