78 Days To Go until the end of the $8,000.00 tax credit for first time homebuyers. Let's review one of the best programs for home buyers: CHFA - Connecticut Housing Finance Authority CHFA works in conjunction with FHA, VA, Rural Development and in limited situations with PMI. The program is available for 1-4 family homes and CHFA approved condominiums.
CHFA sells tax-exempt bonds to raise their funds and provides 30 year fixed rate mortgages at below market or competitive rates.Currently the rate is 4.75% with 1 point. The rates are discounted by a ¼ % in Target Areas - All of New London, parts of Norwich, Willimantic and Groton. Also, the Urban Rehab program for New London and Willimantic enjoy the ¼% break on the rate along with a forgivable $20,000.00 grant for renovations to a 1-4 family home. The rate is discounted by an 1/8 % for 5 special CHFA programs - Police, Military, Teachers, Home of Your Own for people with a disability and Homeownership for people moving out of subsidized housing.
The Down Payment and Closing Cost Assistance Program will lend CHFA buyers the money for both down payment and closing costs if they have less than $5,000.00 available to them in liquid assets - savings, checking, IRA's, 401-K, etc. The DAP rate will either match the going CHFA rate or may be offered at a rate as low as 1% with some of the special CHFA programs. There is not much 100% financing available to today's homeowners. CHFA and DAP fill that gap and allow the dream of homeownership to be fulfilled. Current Income limits for most towns are $81,000.00 for a family of 2 or less and $93,150.00 for a family of 3 or more. Target areas allow for an income of up $97,200.00 for a family of 2 or less and $113,400.00 for a family of 3 or more.
Sales Price limits for most towns in Windham County are $237,000.00 and in New London County $331,700.00. Target Areas allow for sales price of $405,400.00 in the entire city of New London, parts of Groton and Norwich along with a sales price limit of $289,700.00 in parts of Willimantic. Don't pass up this opportunity to buy a home. 78 Days To Go until the end of the $8,000.00 tax credit for first time homebuyers.  Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL. | 
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