CHFA .......... Homeowners Equity Recovery Opportunity (HERO) Loan Program

The McCue Mortgage has recently become one of the few Lenders in Connecticut to be able to offer the CHFA .......... Homeowners Equity Recovery Opportunity (HERO) Loan Program. This program offers an excellent opportunity for both First Time, and Existing Homeowners to purchase a property at the current CHFA interest rate of 3.25% with 1 point.

The HERO program was specifically designed by CHFA to help Homebuyrers purchase Foreclosed, Abandoned, or Bank Owned properties. Below are the highlights of the program:

• Only for Owner Occupied Properties, that will be the homebuyers primary residence.
• Eligible properties are need to be a Approved FHA Condo's, Pud's, or Single Family detached properties.
• No Income Limits like with the regular CHFA First Time Homebuyer Program, unless Homebuyer is doing a DAP Loan.
  
• No Sales Price Limits.
  
• Not Limited to First Time Homebuyers.
• Existing Homeowners do not have to sell their current home, but they must occupy the new property purchased through the HERO Program.
• 30 year fixed loan
• 3.5% Downpayment required, but DAP Loans are available to cover the Downpayment & Closing Costs.
• The HERO Loan can be combined with a CHFA 203K.
• Additional .25% off of the interest rate if purchasing withing a Targeted Area.
• 120 Day Rate Lock.
• Debt-To-Income Ratios 31/43
• Minimum Loan Size $50,000
  

The CHFA/HERO Program opens the door to every Homebuyer in Connecticut, to an incredible low Interest Rate to who is purchasing a Foreclosed, Abandoned, or Bank Owned properties. Of course like all loan programs the Borrower must be able to meet the guidelines in order to qualify. But for those that do this is an amazing opportunity to be able to purchase a Foreclosed, Abandoned, or Bank Owned property, at an unbelievable Interest Rate.

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.