FHA is Lower Than CHFA? Wow!

CHFA is the Connecticut Housing Finance Authority of Connecticut. It is our first time homebuyers's program. Historically, it has always been the lowest interest rate. It can only be used once. Yet, in the high market, if you hadn't owned a home in the past three years, they waived the rule and let you use it, yet again. Restrictions have been placed on this product over the years. Some people, of course, took advantage of it. So, to protect the program, many little rules had to be adhered to going forward with this loan. They even set up a recapture tax on it, so that, people wouldn't buy and flip the product.

This week, for the first time that I can recall, in my twenty-three plus years of being a full time Realtor, the FHA rate is 4 5/8 with one point. Lower than our first time homebuyers rate! Also, anyone can use FHA. Anyone who meets the credit, income and purchase price guidelines. You can use it over and over. If you purchase a home through this FHA program, you only need to reside in that property for one year. Then, you may rent it out and move on to your next home purchase. The limits are high, so, don't be afraid to ask me if you can buy that new, larger home that you are thinking about! Prices are down, let's go house shopping! Connecticut's having a real estate sale! Maybe, a second home, on a lake or oceanfront? Let's see how this program can help you gain ground in this market!

I do believe, unless they change the regulations, that you can only have one FHA mortgage at a time. Still, with that low rate, who wouldn't want to jump at that opportunity?

Let me know if I can be of service to you, with any and all of your real estate needs! If you know of someone who could use my good services, please provide me with their contact information. I will be happy to help them find a good home!

Fran Rokicki, Ct Licensed Broker~Mentor

frokicki@aol.com