General Program RequirementsThe following are some of CHFA’s general requirements:
- All borrowers have a mid-credit score of 620 or higher
- Total borrower income must not exceed CHFA’s income limits
- Take an in-person or online homebuyer education course approved by the CHFA before the loan closes.
- Provide a $1,000 down payment or more to the borrower toward the cost of the house.
Borrowers must not only fulfill the requirements of the CHFA program, but also meet the underwriting standards set forth by one of the CHFA Participating Lenders.
- Attend a homebuyer education course: Before closing on your home loan under a CHFA program, you must finish a homebuyer education course sponsored by the CHFA. We advise enrolling in the course as soon as possible during your home search to ensure that you are ready to choose the best lender and real estate agent for you. In-person and online options are available. Register for a class today! .
- Speak with a CHFA Participating Lender: Our statewide network of CHFA Participating Lenders offers CHFA loan programs. Which CHFA loan programs are best for you can be ascertained with the assistance of a CHFA Participating Lender. They will guide you through each step of the loan application and closing process.
Homebuyer’s Roadmap Use this interactive resource to visit stops on the homebuying journey which highlight various aspects of buying a home and homeownership. You can follow the stops in order or select the stop of most interest based on where you are in the homebuying process. Dig deeper into topics you’re interested in using the additional resource links throughout.
To gain additional knowledge about the homebuying process, join CHFA’s educational webinar.
Contact a CHFA Participating Lender
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FAQ
What are the benefits of the CHFA loan?
Benefits of CHFA Mortgages: Below-market interest rate. Loans under the down payment assistance program to assist with closing costs and the down payment Additional rate reductions of 0. 125% for those who are veterans, active duty members of the armed forces, police, teachers, and individuals with disabilities or members of disabled households
What does loan committed by CHFA mean?
Written promise to acquire a loan in the specified amount and under the specified conditions specifically, granted by CHFA following evaluation and approval of the loan submission materials received from a Participating Lender.
What is a CHFA loan in CT?
CHFA Loans are offered through the Connecticut Housing Finance Authority. They are intended for first-time homebuyers who want to buy a property in a neighborhood that is being revitalized. CHFA Loans are offered at competitive interest rates.
What is the minimum credit score for the CHFA?
Does CHFA have a minimum credit score requirement? All borrowers are required to have a mid-credit score of 620, though people who don’t have a credit score may be eligible for an exception.
Read More :
https://www.chfainfo.com/homeownership/how-to-get-a-chfa-program-loan
https://www.chfa.org/homebuyers-homeowners/homebuyers/homebuyer-mortgage-program/