Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT

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

FHA 203K Loans have been around for a long time, but there is a new kid on the block that also offering a 203K Rehab Program.  The new kid is the Connecticut Housing Finance Authority (CHFA).  

The Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT has many of the features of existing traditional FHA 203K Loan Product, but the Connecticut Housing Finance Authority (CHFA) 203K also includes some of the features that are specific to CHFA.  Below are some of the highlights of the Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT as well as in all towns throughout Connecticut.

  • Owner Occupied Single Family Houses and Owner Occupied FHA Approved Condominiums Only.
  • First Time Home Buyer or previous Home Owner who presently does not own another property and is purchasing in a CHFA identified Targeted Area.
  • Max/Min Loan Amount - The lower of the Sales Price plus rehab or 110% of after improved value (100% if property is a Condo) is used to calculate the Loan-To-Value.
  • CHFA Income Limits Apply
  • CHFA Property Limits Apply
  • Minimum FICO Score 640
  • Rate Lock 120 Days
  • Interest Rate Will Be CHFA Rate
  • Max Total Debt To Income Ratio 45%
  • Downpayment 3.5%
  • DAP Loans are available.

For a more complete detailed discription of the Connecticut Housing Finance Authority (CHFA) 203K Loan Program In New Britain CT read Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Guidelines

At first the Connecticut Housing Finance Authority (CHFA) 203K Loan Program may seem like a lot of work, but If everyone involved in this process works together, and the Borrower listens, and follows the council that they receive, then even a challenging loan like the Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT can go smoothly, and many of the complications can be eliminated. These loans need to be understood and coordinated from the beginning by everyone involved.  

For a detailed discription of the steps involved in applying for a Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT as well as in all towns throughout Connecticut, read my two blog Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Process and Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program  ......... Selecting A General Contractor


Ther Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT as well as in all other Connecticut towns, require two Appraisals that may have to be done during the approval process.

  • The first appraisal is referred to as an "As Completed Appraisal".  The "As Completed Appraisal" is the appraised value that estimates the value of the property after completion of the rehabilitation work. The FHA consultants work write-up must be available for the appraiser to use in order to determine the "as completed" value.
  • The second appraisal is referred to as the "As Is Value Appraisal".  This appraisal may not always be required, but it will normally be required to determine the "as is"value of the property.  In other words what the present value of the property is before it is rehabilitated. However, when the lender determines that an "as is" appraisal is not feasible, the lender may use the contract sales price. When using the sales contract, the appraiser must include the "as is" value on the "as completed" appraisal.

Once the Connecticut Housing Finance Authority (CHFA) 203K In New Britain CT Closes the Borrower is allowed to 5 draws of funds to pay expenses, and the Borrower will not be allowed to draw more than the total rehab portion of your loan. The first draw may occur at the closing to pay for allowable pre-paid fees, such as the FHA work write-up or required permits. But as already stated, no more than a total of 5 draws will be allowed. The draw schedule associated with your construction will be set by the FHA Consultant as part of the work write-up.  All work must be inspected by the FHA Consultant for quality and completion before the funds can be disbursed in accordance with the draw schedule.

The Connecticut Housing Finance Authority (CHFA) 203K  In New Britain CT as well as in all towns throughout Connecticut, presents an opportunity to help Realtors sell more distressed properties that have been dificult to sell in the past.  The Connecticut Housing Finance Authority (CHFA) 203K  In New Britain CT and other towns throughout Connecticut, will not only provide more opportunities to help Realtors sell more houses, but also make it easier for Buyers purchase a home there first home.

Below is the complete series of blogs that I previously wrote on the Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program:

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program - Introduction

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Guidelines 

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Process

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Appraisals 

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program  ......... Disbursement of Funds

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program  ......... Selecting A General Contractor

Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Ideas For Customizing A Home


*****************************************************************************************

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

******************************************************************************

 

 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

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Location:
Connecticut Hartford County New Britain
Groups:
Realtors®
Mortgages
1st Time Buyers
Real Estate Rookie
ActiveRain Contests
Tags:
chfa 203k

Spam prevention
Show All Comments
Rainmaker
1,320,916
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, the Connecticut Housing Finance Authority has really been at the forefront of making housing affordable for its residents...New Britain CT is a good place to be.
Jun 28, 2012 12:21 PM #1
Rainmaker
843,553
Barbara Altieri
Kinard Realty Group - RealtyQuest Team, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George -- I never knew so much about CHFA until I met you!  Talk about knowing your stuff! That's why you are THE CHFA mortgage expert in CT.

Jun 28, 2012 01:03 PM #2
Rainmaker
2,267,627
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

The 203 K products creates a wonderful opportunity to acquire homes that need work. Usually the properties that need some renovations can be purchased at a discount, which makes these properties a really good value.

Jun 28, 2012 05:07 PM #3
Rainmaker
1,794,077
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

George, it is good to have a mortgage expert in CT...203k loans are great for rehabs even on small projects...good share

Jun 28, 2012 11:43 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
3,821,864

George Souto

Your Connecticut Mortgage Expert
Call Me With All Mortgage Questions
*
*
*
*
Spam prevention