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Connecticut Housing Finance Authority (CHFA) HFA vs FHA Mortgage Program

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

 

 Connecticut Housing Finance Authority (CHFA) HFA vs FHA Mortgage Program.  The Connecticut Housing Finance Authority (CHFA) is the premier First Time Homebuyer mortgage program in Connecticut, and recently introduced their new Connecticut Housing Finance Authority (CHFA) HFA 3% Down Conventional Mortgage, which I blogged about yesterday.  This is great news for Connecticut First Time Homebuyers, and for the housing market in Connecticut, especially with the FHA changes that went into effect on April 1, 2013.   With those FHA changes it became more difficult for First Time Home Buyers to qualify for a mortgage, and put First Time Homebuyers at a major disadvantage.

In my blog yesterday I provided a program overview of the Connecticut Housing Finance Authority (CHFA) HFA 3% Down Conventional Mortgage.  At the end of yesterday's blog I stated I would provide a comparison today between the CHFA Loan Product which is FHA Insured, and CHFA's new Conventional loan product the Housing Finance Authority (HFA) .  The comparison below is of a First Time Homebuyer purchasing a property with a Sales Price of $185,000, with a 3.50% Interest Rate (CHFA has a below market interest rate), a Credit Score of 720, and a minimum Down Payment.

 

 

$120.77 is not only a huge difference in the monthly payment, it also represents about $23,000 in purchasing power. Further more the CHFA FHA PMI drops off once the principal balance is paid down to 78% LTV, and the FHA MIP remains on the loan the LIFE TIME of the loan.  That is a huge additional savings over a 30 year period.

This Connecticut Housing Finance Authority (CHFA) HFA vs FHA Mortgage Program comparison clearly shows the Connecticut Housing Finance Authority (CHFA) HFA 3% Down Conventional Mortgage could be the difference between a Borrower being able to qualify for a mortgage on their dream home or not.

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator 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, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments (9)

Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Hi George.... this is a post that all should read and understand.... it could easily be the difference between a buyer successfully buying or not.

Jul 30, 2014 09:00 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

George, You really know your business and clients are in good hands when you are doing their loans.

Jul 30, 2014 12:38 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning George. As you well know, sometimes that little difference in down payment can make all the difference in the world, especially to a first time home buyer.

Jul 30, 2014 07:37 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Barbara I agree and hopefully Borrowers do read this.

Debbie thank you for saying that

Joe you are right and this program will be a difference maker.

Jul 30, 2014 10:35 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Wow George, you do need the right mortgage officer ALWAYS to give you the best direction in what product works best for you...great info!

Jul 30, 2014 10:36 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

George, I have a buyer right now this would be perfect for, and need to chat with their lender.  THANKS for sharing

Jul 30, 2014 11:04 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ginny that is our job.  The Realtor finds the best house for the Buyer and we find the best loan product for their situation :)

Joan hopefully the Colorado Housing Finance Authority also has a conventional loan product like this.  This product is opening doors for Borrowers to be able to purchase properties in higher price ranges.

Jul 30, 2014 11:50 PM
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Looks like a great program, George.  FHA really needs to get their act together with PMI cuts to become competitive again. 

Jul 31, 2014 04:17 AM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George -- Big savings --- especially with that PMI dropoff too!

Aug 01, 2014 02:48 AM