Home Buying in West Haven>Question Details

Robert Layton, Home Buyer in West Haven, CT

What are the requirments for a chaffa loan or other state programs to help 1st time home buyer?

Asked by Robert Layton, West Haven, CT Thu Oct 27, 2011

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Natale Terranova, Jr’s answer
Have you owned a home in the last three years?
How much income is there in the household?
How is your credit?
Do you have any landlord experience?
Are you looking at their 100 % financing with closing costs assistance or do you have a down payment to put down?
Do you have over 5K in assets?

These are just a few questions that you will need to answer.

hope this helps!
0 votes Thank Flag Link Fri Oct 28, 2011
Chfa mortgage programs require you to attend thier course before you'll take their mortgage.
They assist first time home buyers, but there is income limit and te sales price limit. To find out that you have to call the Participary Lender 860-289-0332.
0 votes Thank Flag Link Thu Oct 27, 2011
Essentially any state/county/city sponsored program will have two parts to being able to use the program - you need to be eligible and you need to be able to qualify.

Eligible meaning you make no more than a certain amount of money and/or you are a first time homebuyer and/or you are buying in a certain area and/or within a certain sales price limit and/or you have to contribute a certain amount of your own funds before you can rely on the assistance programs, etc.

Qualify meaning you are financing an amount your income can qualify you for, your credit score is high enough and your credit report is clean enough, etc.

Here is a link to the Connecticut Housing Finance Authority programs: http://www.chfa.org/Homeownership/for%20Homebuyers/Homebuyer… and the information is extremely extensive - one of the most easy to understand/follow along websites for consumers. This area deals more along the lines of determining if you are eligible or not.

The area of that website which is designed for lenders I also feel will help consumers, as it discusses the qualification guidelines for the programs (whereas in the consumer section it just gives in the bullet points), you can find it at http://www.chfa.org/Homeownership/for%20Lenders/default.aspx the lender guide/operating manual & FAQ section will be very helpful. This section also has a lot of information on determining eligibility, but also has information on how to qualify.
0 votes Thank Flag Link Thu Oct 27, 2011
CHFA is the acronym for Connecticut Housing Finance Authority since you live in the state of Connecticut.
I recommend that you meet with a mortgage loan officer to discuss your options. There are pros and cons to every loan and it is only through consultation with an expert on this field that you can understand what type of loan fits best your needs.

Best.

Maria
0 votes Thank Flag Link Thu Oct 27, 2011
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