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Financing in Milford : Real Estate Advice

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  • Local Info3
  • Home Buying17
  • Home Selling2
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Activity 2
Tue Jan 13, 2015
Heather Crabtree answered:
Yes you can. Although your income may be able to help debt t income ratios and get a better rate or qualify you for more (although this may push you out of your comfort zone). Your best bet is to speak directly to a reputable lender experienced in CHFA loans. I have closed several CHFA loans with Marion Szarzynski from Homebridge her cell is (203) 768-5098.
If you have more questions feel free to email me at heather.crabtree@cbmoves.com or call at (203) 558-7720.
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Fri Nov 2, 2012
Tara Stirk answered:
Hello Fairfieldtutor,
Check out http://www.chfa.org/Homeownership/for%20Homebuyers/FirstTimeHomebuyerGuide.aspx

I do not see anything on this website about renting. I only see about selling which in rare circumstances, CHFA mortgage loans may be subject to the Federal Recapture Tax at the time the property is sold. The tax might apply if a borrower sells his or her home within nine years of the purchase date, makes a profit on the sale and has an income that exceeds federal recapture tax limits at the time of the sale. I have also heard that you are not allowed to rent out a property with a CHFA loan however, I have also heard CHFA is being a little more empathetic with this because of the current conditions of the economy. I highly recommend that you either call your current lender or read through your mortgage documents from when you bought the house.

If you need any help with your rental, give me a call. Good luck to you!
Tara @ 203-650-3180
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