First-Time Home Buyer Regulations Improve

Good Afternoon, 

The CHFA (Connecticut Housing Finance Authority) has updated how they calculate income for 1st-time home buyers.  McCue used to be the only CHFA Lender in the state for a long time and while that has changed, we are still the #1 CHFA Lender.

In order to qualify for the lower interest rate that CHFA offers, in most situations (there are exceptions), you must fall within their Household Income Limits.  These income limits are set for every town in the state.  They used to be calculated using every member of the household over 18 years old.  That regulation has changed to only the person on the mortgage.  So if a husband makes $60,000 and a wife makes $200,000, but the husband is the one applying for the house, than they would fall within the income limits.  Here is a link for the income limits (all of New London doesn’t have any income limit, and parts of Groton and Norwich don’t either):

CHFA Household Income Limits

As you can see this is a great improvement to the guidelines.  What do you think about these improvements?  There are other changes that have been made recently, that I’ll be blogging about in the New Year.  Have a safe and prosperous New Year.

Keith S. Turner
NMLS# 820813
Mortgage Loan Representative | The McCue Mortgage Company
Eight Union Street | New London
860-444-0650