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
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