Login  /  Register  | 3 premium articles left before you must register.

New mortgage plan OK’d for state buyers

Published July 27. 2013 4:00AM

In response to the changing mortgage market, the Connecticut Housing Finance Authority is now offering "HFA Preferred" mortgages for first-time homebuyers in Connecticut.

HFA Preferred mortgages have lower private mortgage insurance premiums, saving borrowers money. They offer the same below-market interest rate as other CHFA mortgages, currently 3.25 percent for a 30-year term.

The HFA Preferred mortgage does have more stringent underwriting requirements than an FHA loan. To qualify, borrowers must have a minimum downpayment of 3 percent, and CHFA lenders may have a minimum credit score requirement.

For information, visit www.chfa.org

News by Town

Most Recent Poll
Goodbye, July. How will you spend the last month of school vacation?
I've saved all year to take my family on an out-of-state vacation.
I'll enjoy all the outdoor concerts, seafood dinners and beach outings southeast Connecticut has to offer.
I'll start compiling my back-to-school shopping list.
I'm feeling life is short so I'm seizing the moment. I'm reeling from the news Mick Jagger turned 70.
Number of votes: 546

No current items found