These agencies provide a variety of educational tools and counseling program services to our borrowers and Connecticut residents. These “targeted areas” have been recognized by the federal government as likely to benefit from an increase in homeownership. Restricted to first time homebuyers, qualified veterans, and non-first time homebuyers purchasing in targeted areas Separate income and purchase price limits apply Program eligibility is subject to CHFA's household income calculation (see matrix for details) Only available for FHA 203(b) mortgage loans CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment Assistance Program loan. here’s how you qualify To qualify for either program: • you must be a first time homebuyer* or a non-first time homebuyer in a targeted area; • your income and the purchase price must be within the limits; For a link to the CHFA site for a list of maximum sales … • CHFA requires that you be a first-time homebuyer or have not had an ownership interest in a principal residence for the past three years. chfa unveils new loan program for first-time homebuyers Contact: Megan Herrera 303.297.7407 (DENVER) – Colorado Housing and Finance Authority (CHFA) announced today the rollout of a new home mortgage loan program for first-time homebuyers, qualified veterans, and non-first time buyers in targeted areas. Family of 2 or less 2 . The CHFA Resource Map can help find Targeted Areas and identify the sales price limit and income limit for buying a home statewide. Lower down payments – a common characteristic of government mortgages – is one asset of CHFA loans, as is lower interest. The map is divided into the following information tabs: Income & Sales Price Limits, Federal “Targeted Areas” in Connecticut, CHFA-Approved Housing Counselors, CHFA-Approved Lenders, and CHFA Homes for … Targeted Areas; training; chfa home. The Targeted Area Exception. Special incentives are given for applicants purchasing homes in federally designated Targeted Areas. CHFA offers 30-year, … CHFA LOANS CHFA Loans are offered through the Connecticut Housing Finance Authority. CHFA financing is done through Connecticut Housing Finance Authority and offers a variety of loan programs for first time homebuyers in Connecticut. As mentioned above, you do not have to be a first-time home buyer if you purchase a property within a targeted area. Interest rate can be 0.25% lower for properties in Federally Targeted Areas. Median Sales Price (August 2008) (Non Targeted Resale areas) County CalHFA Sales Price Limits (Mar. This requirement is for non-targeted areas. A complete listing of CHFA-Approved Housing Counselors . CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment Assistance Program loan. (For targeted areas, however, over-income households may still apply for CHFA financing regardless of income limits.) April 19, 2018: program expansion: chfa mortgage credit certificates (chfa mccsm) available statewide FOR NEW RESERVATIONS ONLY: Approximately $33 million remains available in CHFA’s statewide mortgage credit certificate (chfa mcc sm) program.On Monday, April 23, 2018, reservations for CHFA MCCs will be available in all areas of Colorado, including non-targeted and targeted areas. (August 08) Fresno $381,250.00 $210,000.00 Kern … 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. Targeted areas are listed separately on the back … These are set by town and if the property is located in a targeted area. You can view all Targeted Areas by visiting the CHFA Resource Map. A targeted area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). Targeted Area Exception If you have previously owned a home in the past three years, you may still be eligible if you plan to purchase in an area of the state targeted for revitalization. Origination fee options of 0% or 1% of financing, payable to HDF. MCCs can be used with either the CHFA SmartStep/SmartStep Plus or the CHFA Advantage home purchase mortgage loan programs. • Targeted areas allow for ¼% discount on rates, BUT CANNOT BE COMBINED WITH PROGRAMS THAT OFFER THE DISCOUNTED RATES LISTED BELOW: The following programs offer a rate reduction of 1/8% discount on … MCC Targeted Areas; Property Qualifications. $140,640 $164,080 $140,640 $164,080. If you have owned a home in the past three years, you may still be eligible if you plan to purchase in a targeted area, which are communities targeted by the federal government for revitalization. Sale price cannot exceed $530,000 for all MCC loans; Loan amount cannot exceed $510,400 for any borrower *Subject to change without notice The interest rates on these loans are below-market. Participating Lenders. Targeted Area. CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment … A program specific to Connecticut first-time homebuyers and those looking in federally-targeted areas, CHFA loans are issued through the Connecticut Housing Finance Authority. Non-targeted Area. Official sources state, “CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment Assistance Program … costs. Sales Price Limits Single-Family Unit Non-targeted $625,764 Area. Just like the CHFA FirstStep, this loan has a 30-year term and affordable fixed interest rates (the same as the first mortgage). Fed. Targeted Area Exception If you have owned a home in the past three years, you may still be eligible if you plan to purchase a home in an area of the state targeted for revitalization. CHFA homebuyer mortgages are available to first-time homebuyers with low or moderate incomes who are buying moderately priced homes within CHFA sale price limits. Eligible Properties - CHFA Mortgage may be used to purchase an existing one- to four-family home, mobile homes, a newly constructed single family home, or a newly constructed two-family home in a targeted area. • CHFA offers two rate structures as well as Point Options. Targeted Area Family of 3 or more. 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