February 19, 2008
INTERESTing POINTS
VA – Available with NO money down on 1 – 4 family homes and VA approved condos up to $417,000.00. Energy Efficiency Improvement Loans can be included at time of purchase in addition to the purchase price
FHA – 2.25% down if borrower is covering their own down payment and closing costs. Seller may pay all closing costs and prepaid items with FHA. In that case, the borrower needs 3% down.
CHFA – Urban Rehabilitation money available for homes purchased in New London by buyers who work full time in New London. $20,000.00 forgivable grant on a one family home, $25,000.00 forgivable grant for 2-4 family homes.
ADDI – The American Dream Downpayment Initiative money is available again. Contact Sally Williams at ECHO (860) 447-8055 for more details. $10,000.00 - $25,000.00 available in a forgivable grant for the purchase of a ONE family home or condo anywhere in New London County.
DAP – The State of CT Downpayment Assistance Program may be used in conjunction with CHFA financing to cover both downpayment and closing costs/prepaid items. The DAP program requires that any funds available to the borrower exceeding $5,000.00 be used before using the DAP money.
RURAL DEVELOPMENT (formerly Farmer’s Home) allows their guaranty program to be used with CHFA. This is another way of obtaining a CHFA loan in most of southeastern CT.
OIC of New London, Shiloh Development Corporation of New London and Catholic Charities in Norwich all offer homebuyer education classes that meet the requirements of CHFA for homebuyer education.
New London Landmarks, Inc. is a non-profit organization that supports preservation of homes and commercial buildings in New London. Consider joining this worthwhile group today. Contact Sandra Chalk at (860) 442-0003 for membership information.
PHILIP A. TURNER, MORTGAGE LOAN REPRESENTATIVE
with McCue Mortgage Company since 1980.
Eight Union Street, Corner of Union & Methodist Streets, New London, CT 06320
(860) 444-0650, 1-800-781-1180, FAX: (860) 443-8108, paturner99@mccuemortgage.com
