Home Buying in 06040>Question Details

Carol Bowen, Renter in Manchester, CT

is a foreclosed chfa house that is going to be auctioned subject to income limits at auction?

Asked by Carol Bowen, Manchester, CT Fri Sep 2, 2011

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I don't believe there are income limits when buying a foreclosed CHFA property. The 'bank" just wants to get the maximum dollar out and doesn't care about the new financing. The auctionaire is the best source for this information. You can also call CHFA. Best of luck and be cautious if you haven't done this before. You can email questions to me at Armandc21@aol.com. I have owned and current manage a real estate office.
0 votes Thank Flag Link Sat Sep 3, 2011
Tracy is somewhat correct. Since we don't know the location of the property, we can be unsure of the income limits. If the house is located in an area of affordable housing, it may be subject to income limits. Generally, CHFA homes don't go up for auction. They are usually sold as a bank-owned property. I have sold a few bank-owned properties in Manchester.

If you have anymore questions you can call/text me 860-985-5816 or email SethWinkleman@PrudentialCT.com
0 votes Thank Flag Link Sat Sep 3, 2011
Hi Carol,
There are no income limits however buying at auctions can be a risky process. Please call me to discuss the process and potential risks. 860-882-9764.
Web Reference: http://www.tracyheinz.com
0 votes Thank Flag Link Fri Sep 2, 2011
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