Connecticut Housing Finance Authority (CHFA) Interest Rate Is At 3.875% This Week!!!

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

Yes that is correct Connecticut Housing Finance Authority (CHFA) Interest Rate Is At 3.875% This Week!!!  I could not believe my eyes when I saw the Connecticut Housing Finance Authority (CHFA) Interest Rate for this week, I have never seen it hat low. 

Who would ever have expected the interest rate on a 30 year fixed mortgage to go below 4%, and this is just their basic rate.  If a Borrower is a Teacher or a Police Officer, they may qualify for an additional .125% off of that rate.  Veterans can also qualify for an addition .125% off of the rate if they do a CHFA/VA Loan.

CHFA is a program for First Time Homebuyers, but if the property is in a Targeted Area or Town, then existing homeowners can purchase the property as long as it will be their only property.  But it gets better, properties in a Targeted Area or Town qualify for an additional .25% off of the rate.  Can you imagine getting a 30 year fixed mortgage for 3.625%?

If you would like to find out more about CHFA Mortgages click on the links below:

CHFA Not For Just First Time Homebuyers.

New Tax Credit .................... Connecticut Housing Finace Authority (CHFA)

CHFA ................ Federal Recapture Tax

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Info about the author:

George Souto 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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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Topic:
Lending / Financial
Location:
Connecticut
Groups:
Realtors®
Mortgages
1st Time Buyers
Real Estate Rookie
Connecticut - What makes us GREAT
Tags:
connecticut housing finance authority chfa
mortgages and loans

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Ambassador
3,893,484
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jeff, I am sure that they do not understand the implications, and there are implications on both sides of low rates.

Jane, I work with some excellent Realtors, and I would be happy to recommend one of them depending on where he lives.

Lenn, I keep saying that there is no way that rates are going to go lower, but they do.

Lisa and Robert, Borrowers would look at me like I had two heads If I said the rate was 4.75%.  These rates are great for homebuyers, but unfortunately low rates are also a sign of a bad economy.

Sep 18, 2010 11:51 AM #5
Rainmaker
658,260
Pat & Wayne Harriman
Harriman Real Estate, LLC (203) 672-4499 - Wallingford, CT
Broker/Owners, Wallingford CT Real Estate

Yup, this is great news, George! I did a post yesterday myself on the Police, Teachers and Military CHFA programs. We have clients that fall into all three of those categories!

Sep 18, 2010 12:10 PM #6
Ambassador
3,893,484
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Pat and Wayne it is a great opportunity for them to buy now if they are thinking of purchasing a home.  These rates are unbelievable.

Sep 18, 2010 12:13 PM #7
Rainmaker
662,099
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Yes this is a great opportunity for some people to buy!

 

Sep 18, 2010 12:14 PM #8
Ambassador
2,301,090
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

George, what an opportunity for first time homebuyers and existing homeowners in targeted areas. I've never heard of those low interest rates except way back there for Farmers Home Adminstration (different name and rules now)  years and years ago.  

Connecticut first time home buyers... call George  NOW!!!

Sep 18, 2010 12:26 PM #9
Rainmaker
1,054,780
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

George, The New Hampshire finance authority is running a deal through treasury bond money for the next 2,000 first time home buyers or until the program runs it's course 3.5% one point...3.95% no points.

Sep 18, 2010 12:34 PM #10
Rainmaker
597,982
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. Now that I have picked my mouth up off the floor, I can comment on your blog.  This is outstanding news.  This should help the area buyers to finally get off the fence and purchase a home.

Sep 18, 2010 01:18 PM #11
Ambassador
3,893,484
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Patricia, yes it certainly is

Judi, we also have the USDA program which can be run through the CHFA program at the same rate.  And thank you for the plug :)

Steve, CHFA has 1 point to the rate like your program, but there is no limit on the number of Borrowers, and they do not offer a no point rate.

Sep 18, 2010 01:19 PM #12
Rainmaker
597,982
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. I know it is too late now, but I hope someone you and I know does not get wind of this.  She will be upset she missed out.

Sep 18, 2010 01:19 PM #13
Ambassador
3,893,484
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Valerie, I had the same reaction ......... LOL

Hopefully those that qualify for CHFA will take advantage of this rate.

Sep 18, 2010 01:20 PM #14
Rainmaker
1,267,908
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Hey George, just stopping by to say hello.  Was just reading Jim's blog on San Diego market and things seem to be looking better.  The Buyers better start buying, or they will be crying when the prices start to jump up again.

Sep 18, 2010 01:46 PM #15
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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 great news for CT residents, sure wish we had something similar in my area.

Sep 18, 2010 04:22 PM #16
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

George, Who would have thought we would ever see interest rates like this.  I would say again but this is the first time I've seen them in my lifetime.

Sep 18, 2010 04:28 PM #17
Rainmaker
16,442
Ray Saenz
Pending - Laredo, TX

George,
Wooowwww

let me ask you something is just that for your state or it works for all states?  thanks for sharing this great information ! This is incredible !

 

Sep 18, 2010 04:37 PM #18
Ambassador
2,372,447
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Unbelievable.   How low can it go?

Sep 18, 2010 05:22 PM #19
Rainmaker
1,062,155
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

George who would have ever thought we would see interest rates below 4%! Just amazing.

Sep 19, 2010 12:45 AM #20
Rainer
104,867
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

George,

Wow that is grat news for your clients, below 4% is amazing but that's what wwe should see to get more inventory of the market and change our econmy around. 

Sep 19, 2010 12:07 PM #21
Ambassador
3,893,484
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Al and Peggy I have a feeling that a couple of years from now we will see a lot of people crying.

Jennifer I am surprised the NY does not have a similar program.

Marchel, I have lived for more than half a century, and this is the lowest that I also can recall the rates being.

Ray, this particular program is just in Connecticut, but there are many other states that have programs similar to this one.  I would check to see if you have a local Finance Housing Authority, and what they have to offer.

Fred, I keep on saying that myself, but they keep getting lower and lower.

Sep 19, 2010 12:54 PM #22
Ambassador
3,893,484
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill, I for one was surprised to see them drop below 4%, now the question becomes, can they possibly go any lower.

Debbie I hope it does that, because we really really need the ecomomy to turn around.

Sep 19, 2010 12:58 PM #23
Rainmaker
1,329,637
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, wow if that doesn't get people off the fence I don't know what will...what, are we playing limbo now???

Sep 19, 2010 03:36 PM #24
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