Hello everyone, this is John Vecchitto, a local loan officer with North-East Financial in Middletown, Connecticut. Are you a resident in the state of Connecticut paying rent every month? Do you feel like you’re paying too much? Today I would like to talk to you about CHFA loans and how you could afford to purchase a home today.
CHFA stands for the Connecticut Housing Finance Authority and is offered to all residents of Connecticut that have never owned a home before or haven’t owned a home in the last three years. CHFA offers two routes for residents to obtain a loan. One way is to put a minimum 3.5% down or the other way is to take advantage of the Down-Payment Assistance Program, which allows for 100% financing.Just like any loan, there are qualifications to be met. If you plan on putting 3.5% or more down on a home, the minimum FICO score required is 640. If you’re thinking about taking advantage of the DAP program, you’ll need a minimum FICO score of 660 and have a maximum of $10,000 in liquid assets. Prospective homebuyers looking at the DAP program also have the ability to finance closing costs without seller concessions!If you’re tired of paying rent every month, give me a call today to see how you could qualify for a loan through CHFA. If you’re in the military, a teacher, or police officer – you also may qualify for an extra discount!I can be reach via email, johnv@northeast-mortgage.com, or feel free to call/txt me at 860-918-0251. Thanks!
