CHFA Mortgages for Teachers
Hello everyone, this is John Vecchitto a local loan officer with North-East Financial in Middletown. Now that the school year is over I thought it would be a good idea to talk about loans for teachers, specifically through CHFA.
CHFA stands for the Connecticut Housing Finance Authority and is a loan product available only to Connecticut residents. CHFA offer a plethora of loan programs to all residents, and the one available to teachers is called the Teachers Mortgage Assistance Program. This is a program that offers home loans at below-market interest rates to Connecticut public school and vocational-technical teachers who qualify. This program is designed to encourage teachers to live and teach in challenged communities and to support teachers who wish to relocate to a school district that is under-staffed in their subject area.
Eligibility Requirements:
-You must be employed full time or part time as a Connecticut-certified public school teacher or certified regional vocational-technical teacher.
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-You must purchase a home in a property or transitional school district (call me for details)
-You must purchase a home you will live in year-round as your primary residence
Worried about not having enough money for a down-payment? CHFA also offers down payment assistance to qualified borrowers through the Down-payment Assistance Program (DAP), regardless of assets. A minimum FICO score required is 660 to take advantage of the DAP program, however if you feel you may not have the best score, North-East Financial does offer free credit report repair. Additionally, if you purchase a home in a “target area”, you may be eligible for more discounts. If you would like more information and see if you qualify, give me a call today to go over all your options. I can be reached via email, johnv@northeast-mortgage.com, or my cell which is 860-918-0251. Thank you.
