Home Buying in 06511>Question Details

Roshan, Home Buyer in New Haven, CT

A couple questions about the CHFA program...

Asked by Roshan, New Haven, CT Sun Apr 29, 2012

Is CHFA income based or does anybody qualify for their mortgage program? Are there income limits? If you are part of the Yale Homebuyer Program will the stipend you get from Yale count towards your income? Also...what are the down payment requirements for the CHFA mortgage? Do you need to pay PMI if you don't have 20% or is it 3% with no PMI like with FHA?


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Mike Johnson’s answer
You are wrong regarding FHA down payment. FHA is now 3.5% down and MIP( PMI) is required regardless of the percentage down. There are income limits for CHFA, therefore you should consult with your Mortgage Loan Officer as there are exception to the rule.
0 votes Thank Flag Link Thu Dec 6, 2012
Roshan, suggest you take a look at the CHFA website (http://www.chfa.org/Homeownership/) . They have all the information you need about homeownership and their homebuyer program. Fyi, CHFA offers FREE homebuyer education classes that will help you become an informed consumer! Finally, I suggest you hook up with a knowledgeable real estate agent in the area you're interested in, someone who can be a good resource for you.
0 votes Thank Flag Link Mon Apr 30, 2012
CHFA does have income limits, the Yale stipend does not count towards your income because you do not receive it until after closing, secondly if you do not purchase a home in the specified areas you will not get the stipend. PMI is typically on conventional loans. FHA has mortgage insurance that will be part of your mortgage payment however it is different from PMI
0 votes Thank Flag Link Mon Apr 30, 2012
Too much to post .........I have a yale homebuyer right now, and a CHFA originator I work with if you want more info............CHFA can be 100% financing.........Dave 203.654.2905
0 votes Thank Flag Link Mon Apr 30, 2012
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