The program’s low-interest rate and low closing costs can help first-time homebuyers finance a single or double-wide manufactured home in a Connecticut state-licensed mobile park. The interest rates on these loans are below-market. CHFA FirstStep: $82-$120,100 CHFA FirstStep is the most varied of CHFA loan programs dependent on household size, targeted income limits, non-targeted income limits, and more. CHFA financing is done through Connecticut Housing Finance Authority and offers a variety of loan programs for first time homebuyers in Connecticut. These changes will be effective on November 15, 2020. The “Total-Debt-to-Income Ratio” for the program will increase to 45% and the “Combined Loan-to-Value” will increase to 105%. ALL CHFA LOANS ARE AVAILABLE FOR REFINANCE & PURCHASE TRANSACTIONS. CHFA’s loan compliance review occurs within three business days from receipt of a complete application package. CalHFA supports the needs of renters and homebuyers by providing financing and home loan programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. The CHFA Loan Process. 2nd: Down payment, closing costs and/or prepaids. Interest Rate: 1st: See Today's Interest Rates. The most popular reason for delay in your home loan process is lack of documents or missing information without which the bank cannot proceed. Please contact CHFA Loan Servicing at 855.587.8655 to have a form sent to you. The Connecticut Housing Finance Authority offers helpful information for first-time homebuyers on mortgage products, guides, approved lenders and resources for homebuyers. CHFA Loans are offered through the Connecticut Housing Finance Authority. A borrower may only have one active CHFA mortgage loan at a time. Please expect a delay in your home loan process as in many cases, your home loan may be placed on hold for many reasons. Borrowers who have owned previously may also apply if they have not owned in the past three years or plan to buy in a Federally Targeted Area of Connecticut. It's important to understand that CHFA is the loan servicer. We knew that in doing so, we could shorten the time required to process a loan by a significant amount. Any previous CHFA mortgage loans must be paid in full otherwise CHFA will not purchase the new loan. Once you receive the authorization form, please return it to the following address or fax number for processing: Colorado Housing and Finance Authority No LLPAs. They are for First Time Homebuyers who are looking to purchase a home in certain areas that are targeted for revitalization. CHFA offers 30-year, fixed-rate mortgages. Connecticut residents interested in purchasing a mobile home should consider CHFA’s Mobile Home Mortgage. CHFA Preferred: $54 – $74,000; CHFA SmartStep: $120,100 Income limits for the CHFA Smartstep program are the same across all Colorado counties. Additionally, the Identity Theft Red Flag Program review, which is required by the Fair and Accurate Credit Transactions Act (FACTACT) can extend the review time up to an additional two business days. That means they take over the loan after you complete the mortgage process with a participating CHFA lender, like American Financing. As an approved and top producing CHFA lender, American Financing has mortgage consultants ready to pre-qualify you and walk you through options. Use of Funds: 1st: 30 years, fully amortized payments. Learn how CHFA can help you achieve your dream of homeownership here. 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