CHFA/DAP - Yes, You Can Still Buy A Home With NO Money Down!

1. CHFA provides mortgage financing for 1-4 Family homes and CHFA approved condominiums anywhere in Connecticut.
2. The Downpayment and Closing Cost Assistance Program provides a mortgage to help cover all closing costs and down payment monies.
3. They offer a fixed rate for 30 years on both programs.
4. There is no prepayment penalty for making extra payments or paying off the mortgage early.
5. The CHFA program requires that their loans be insured or guaranteed by either  VA, FHA, Rural Development or in some limited cases, PMI.
6. The interest rate is set by CHFA every Thursday at Noon .  You can have CHFA e-mail you their rates by going on their website:  www.chfa.org and go to Today’s Rates.
7. The current rate is 4.75% with 1 point.  The rate is lower for some special programs that CHFA offers.
8. There are sales price limits and income limits.  Please see the CHFA chart for this information.
9. If you have less than $5,000.00 available to you in savings, checking, stocks, bonds, 401-K, 403-B, 457 and IRA programs you can borrow all the monies needed to buy a home.
10. The CHFA program is primarily for first time buyers but in Target Areas you may be a previous homeowner.
11. CHFA defines a first time homebuyer as a person who has not owned and lived in their primary home for the last three years.
12. CHFA provides the funds but the properties need to meet the property standards of VA, FHA, Rural Development or in some cases, PMI companies.

Information provided by:

PHIL TURNER, Mortgage Loan Representative with McCue Mortgage since 1980
McCue Mortgage Company, Eight Union Street, New London, CT 06320
(860) 444-0650, 1-800-781-1180, Fax: (860) 443-8108, paturner99@mccuemortgage.com