For CHFA in Connecticut, what does the owner to renter ratio have to be to buy an already approved condo?

Asked by Jhr1984, 06704 Mon Jan 11, 2010

We want to buy an already approved condo (approved by both CHFA and FHA). CHFA is telling us they go buy FHA guidelines. The condo we want buy if we buy it will have a renter to owner ratio of 50:50. What is CHFA requirements when it comes to owner to renter ratio?

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3
Dana Voelzke, Mortgage Broker Or Lender, Bethel, CT
Wed Jan 13, 2010
Hello Jhr1984,
The CHFA guidelines for condos are no longer used (I believe your comment above says that is what you were told). The CHFA lenders utilize the FHA approved condo list which can be found via the link below. Type in CT and your city name. Typically the FHA rules use the minimum 50% rule. However, there are other requirements.

The best thing to do is to run the condo by your lender to make sure that they can lend on that particular condominium project. In my area one of the condos, Riverbend, is not on the FHA list by its common name (there is literally a sign in front of the builing that says Riverbend), but in its bylaws it is known as Fairmont Condominiums, and it is FHA approved. No normal human being would know that, of course, so if you've found a place you really like, it's best not to make any assumptions, just ask your lender.

Please note that depending upon when you buy the FHA condo approval requirements are changing. See new FHA condo approval guidelines:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…

Let me know if you need more info.
0 votes
Jhr1984, Home Buyer, 06704
Wed Jan 13, 2010
The reference link did not come through and won't allow me to view it.
0 votes
Kristina Zack, Agent, West Hartford, CT
Mon Jan 11, 2010
Here is a chart that will break down your answer

http://:www.chfa.org/MAINPAGES/CHFA-Insured_CT-FAMLIES_ProgramMatri… target="_blank" rel="nofollow">http://74.125.155.132/search?q=cache:3r9Ac6--vGUJ http://:www.chfa.o…
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