ROCKY HILL, CT – January 31, 2012 – (RealEstateRama) — The Connecticut Housing Finance Authority (CHFA) provides below-market rate mortgages to first- time homebuyers in the state. In January, CHFA’s interest rate dropped to a record low of 3.250 percent for a 30-year fixed mortgage. “The interest rate has been gradually decreasing this year, but this is the lowest rate in the 42-year history of CHFA,” said John Craford, Executive Vice President. According to a recent Freddie Mac survey, the nationwide 30-year fixed rate mortgage average was 3.88 percent, down from 4.74 percent at the same time last year.
CHFA is a quasi-public agency of the State of Connecticut, established by the legislature in 1969 to help low- and moderate-income families purchase their first home. The first-time mortgage buyer program is financed through proceeds from the sale of bonds issued by CHFA. To qualify for a CHFA mortgage, applicants must meet specific income criteria based on the town where they plan to purchase the home, and it must be the buyer’s first home purchase. The statewide income limit for household of one or two people is $81,000, and the limit for a household of three or more people is $93,150, but in certain areas of the state, the income limit is more than $110,000. CHFA offers an additional 1/8% off this mortgage rate for military personnel, teachers and police officers. For those purchasing in federally targeted areas, income limits and previous homeownership rules are waived.
The Authority works with more than 100 lenders in Connecticut, so in most areas, consumers can work with a local bank to apply for a CHFA mortgage. Since 1969, more than 126,000 families in Connecticut have been able to purchase their first home with a CHFA mortgage.
The Connecticut Housing Finance Authority (CHFA) was created in 1969 by the Connecticut Legislature as a self-supporting quasi-public housing agency charged with expanding affordable housing opportunities for the state’s low- and moderate-income families and individuals. CHFA has helped more than 126,000 Connecticut individuals and families become homeowners through its low-interest single-family mortgage programs. In addition, CHFA has financed the creation of over 32,000 affordable, quality rental units throughout the state. To date, the combined mortgage financing for CHFA’s single-and multifamily housing programs exceeds $11 billion. For more information: http://www.chfa.org
Lisa Kidder, CHFA Director of Communications
(o) 860-571-4355, (c) 860-471-7426