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HFA Advantage® Loan Program

Program Overview

The HFA Advantage® Loan Program offers home loans at below-market interest rates to first-time homebuyers with low mortgage insurance costs. People who have owned homes before may also qualify for a loan under this program if they plan to purchase a home located in a targeted area.  (See, Targeted Areas.) There are no exceptions for CHFA Income Limits in Targeted Areas with this Program. This Program cannot be combined with any other program offered by CHFA.

CHFA is committed to helping Connecticut residents achieve their dream of homeownership and values its partnership with the qualified lenders for this program.  Prospective borrowers may apply directly for a HFA Advantage®  Loan through one of CHFA-approved participating lenders. (See, Eligible Lenders List below)     Follow the links below for more information regarding the HFA Advantage®  Loan Program. 

Follow the links below for more information regarding the HFA Advantage Loan Program.     

 

 

HFA Advantage® Interest Rates

Currently, the HFA Advantage® Program is providing mortgages at the following rate:

    • Non-Government Insured Interest Rate: 3.500%**(APR range 3.600% - 4.000%)
    • Fees: Additional fees may apply.
    • Term: 30 years, fixed rate

** Please note, this rate is subject to change and additional fees may apply.


 

Who can apply for an HFA Advantage loan?

Borrowers must be first-time homebuyers or have not owned a home in the past three years.  Borrowers who have owned a home previously may also apply if they plan to purchase in a targeted area of the state. Eligible borrowers must have incomes that meet the requirements of CHFA income guidelines. The gross annual household income for borrower(s) cannot exceed the limit shown for the city/town where you are purchasing the home.  In designated targeted areas and targeted census tracts, the CHFA income limit will be waived for eligible applicants that are not applying for CHFA Downpayment Assistance (DAP). In compliance with HFA Advantage guidelines, eligible applicants may not have an ownership interest in any other property at the time of closing. The loan transaction must comply with all other applicable HFA Advantage and CHFA eligibility and underwriting guidelines for approval.


 

What types of property can you purchase with an HFA Advantage® loan?

    • One Family Residential homes
    • Condominiums (Freddie Mac and Fannie Mae eligible)
    • Townhomes
    • Planned Unit Developments (FNMA & FHLMC approved)

NOTE:  Manufactured Homes, Co-Ops, Mixed Use properties, and Two–to-Four Unit homes are not permitted.


What else should you know about an HFA Advantage® Loan?

The Sales price limit cannot exceed the CHFA Sales Price limits established for the city/town where you are purchasing your home, providing it does not exceed the Freddie Mac maximum loan limits.

The loan must be used toward the purchase of a primary residence, which must be owner-occupied by the borrower.  Investment or vacation properties are not allowed.

Under 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. You may be eligible to receive reimbursement from CHFA if you are required to make the Federal Recapture Tax payment.


Homebuyer Education

At least one borrower/co-borrower is required to attend a free 3 hour homebuyer education class prior to closing.  Classes are held at several locations or online. (See Counseling Class schedules below)


What are mortgage insurance requirements?

Borrowers must pay Mortgage Insurance. The amount of mortgage insurance is determined by credit score utilizing a respective Mortgage Insurer’s guidelines. Your lender will review Mortgage Insurance requirements with you.

Mortgage Insurance companies participating in this program are Arch Mortgage Insurance Company; Essent Guaranty, Inc.; Genworth Mortgage Insurance Corp.; Mortgage Guaranty Ins.Corp.; National Mortgage Insurance Corp.; Radian Guaranty Inc; and United Guaranty Residential Insurance Company. 

 

How do you apply for a HFA Advantage® Mortgage loan?

The HFA Advantage® Loan Program will be offered through the following CHFA Participating Lenders.  Contact one of the lenders listed below to apply for a CHFA HFA Advantage Mortgage loan.

Participating Lender List Found: 42 matches     Displaying: 1 - 42 
LenderContact Info
BERKSHIRE BANK
58 Statehouse Sq.
Hartford, CT 06103
Phone: 860-460-5002
Email: gklender@berkshirebank.com

CHARTER OAK FEDERAL CREDIT UNION
1055 Hartford Turnpike
Waterford, CT 06385
Phone: 860-446-8085
Email: mortgages@cofcu.com

CHELSEA GROTON
904 Poquonnock Rd.
Groton, CT 06340
Phone: 860-448-4174
Email: Mortgagecenter@chelseagroton.com

CHFA LENDERPhone: 860-721-9501
Email: valencia.taft-jackson@chfa.org

EMBRACE HOME LOANS, INC.
100 Corporate Place, Suite 204
Rocky Hill, CT 06067
Phone: 860-656-0111
Email: segan@embracehomeloans.com

ENVOY MORTGAGE LTD.
640 Main Street
Plainville, CT 06479
Phone: 860-305-1609
Email: vbiscoglio@envoymortgage.com

EVOLVE BANK & TRUST
30 Main Street
Danbury, CT 06810
Phone: 203-794-1414
Email: ifarrison@getevolved.com

FAIRFIELD COUNTY BANK CORP.
150 Danbury Road
Ridgefield, CT 06877
Phone: 800-776-6518
Email: George.Bossis@fairfieldcountybank.com

FAIRWAY INDEPENDENT MORTGAGE CORP.
1224 Mill Street, Bldg. B, Suite 115
East Berlin, CT 06023
Phone: 469-252-6646
Email: ssanders@fairwaymc.com

FIRST WORLD MORTGAGE CORPORATION
127 Prospect Ave
West Hartford, CT 06106
Phone: 860-233-5626
Email: lsidoti@fwmc.biz

FRANKLIN AMERICAN MORTGAGE COMPANY
657 Orange Center Road
Orange, CT 06477
Phone: 203-415-1795
Email: dbunk@franklinamerican.com

GUARANTEED RATE, INC.
1245 Farmington Ave, Suite 203
West Hartford, CT 06107
Phone: 773-290-0499
Email: mda@guaranteedrate.com

HOMEBRIDGE FINANCIAL SERVICES, INC.
1960 Silas Deane Hwy. Suite D
Rocky Hill, CT 06418
Phone: 860-729-8108
Email: pmahoney@homebridge.com

HOMESERVICES LENDING, LLC
3 Corporate Drive, Suite 212
Shelton, CT 06484
Phone: 203-925-8560
Email: patrickmcgovern@homeserviceslending.com

HOMESTEAD FUNDING CORP.
72 North Street, Suite 306
Danbury, CT 06810
Phone: 203-791-1736
Email: whunt@homesteadfunding.com

ION BANK
251 Church Street
Naugatuck, CT 06770
Phone: 203-729-4442
Email: bnoe@ionbank.com

LEADER BANK, N.A
8 Wilcox Street, Suite D
Simsbury, CT 06070
Phone: 860-413-2171
Email: DRosenfeld@leaderbank.com

LIBERTY BANK
55 High Street
Middletown, CT 06457
Phone: 888-570-0773
Email: kjohnson@liberty-bank.com

LOANDEPOT.COM,LLC
703 Hebron Avenue
Glastonbury, CT 06033
Phone: 508-850-4061
Email: kcolonna@mortgagemaster.com

M & T BANK
501 Merrit 7, 5th Floor
Norwalk, CT 06851
Phone: 203-295-2744
Email: bpurciello@mtb.com

MERRIMACK MORTGAGE COMPANY INC
308 Oxford Road
Oxford, CT 06478
Phone: 203-828-6090
Email: cmadden@merrimackmortgage.com

MORTGAGE MARKETS CUSO, LLC
616 Burnside Avenue
East Hartford, CT 06108
Phone: 860-290-4786
Email: lterry@mortgagemarketscuso.com

MOVEMENT MORTGAGE, LLC
116 Washington Avenue
North Haven, CT 06473
Phone: 203-215-5133
Email: joann.pulisciano@movement.com

NEWTOWN SAVINGS BANK
39 Main Street
Newtown, CT 06470
Phone: 203-426-4440
Email: ebarbera@nsboline.com

NORCOM MORTGAGE
38 Security Drive
Avon, CT 06001
Phone: 860-606-0525
Email: colleen.fazzino@norcom-usa.com

NORTHPOINT MORTGAGE, INC
10 Waterchase Drive
Rocky Hill, CT 06067
Phone: 860-757-3515
Email: pthorogood@trynorthpoint.com

NORTHWEST COMMUNITY BANK
86 Main Street
Winsted, CT 06098
Phone: 860-693-5002
Email: palmer@ctmutual.com

PEOPLES UNITED BANK, N.A.
850 Main Street
Bridgeport, CT 06604
Phone: 203-675-8682
Email: carmen.walden@peoples.com

PHH HOME LOANS, LLC
992 Farmington Avenue
West Hartford, CT 06107
Phone: 860-570-2520
Email: Sylvie.fillion@phhhomeloansne.com

PRIMARY RESIDENTIAL MORTGAGE, INC.
873 Main Street
Manchester, CT 06040
Phone: 860-873-5345
Email: jdionne@primeres.com

PRIME LENDING A PLAINS CAPITAL COMPANY
612 Wheelers Farm Road
Milford, CT 06461
Phone: 203-951-4170
Email: kmcguinness@primelending.com

RESIDENTIAL MORTGAGE SERVICES
120 Hebron Ave, 2nd Floor
Glastonbury, CT 06033
Phone: 207-775-6105
Email: mianno@rmsmortgage.com

SANTANDER BANK, NATIONAL ASSOCIATION
1010 Farmington Avenue
West Hartford, CT 06107
Phone: 860-570-3150
Email: mark.allen@santander.us

THE SIMSBURY BANK AND TRUST, INC

THOMASTON SAVINGS BANK
203 Main Street
Thomaston, CT 06787
Phone: 860-283-3432
Email: kcrone@thomastonsb.com

TOTAL MORTGAGE SERVICES, LLC
185 Plains Road, Suite 300E
Milford, CT 06461
Phone: 203-876-2200
Email: bschettler@totalmortgage.com

UNION SAVINGS BANK
225 Main Street
Danbury, CT 06810
Phone: 203-830-4200
Email: bskarda@unionsavings.com

UNITED BANK
1645 Ellington Road
South Windsor, CT 06074
Phone: 860-291-3600
Email: jlipes@rockvillebank.com

VILLAGE MORTGAGE
30 Tower Lane
Avon, CT 06001
Phone: 860-482-7378
Email: fputnick@villagemtg.com

WELLS FARGO BANK N.A.
86 North Main Street
Wallingford, CT 06492
Phone: 203-558-7325
Email: robert.filippone@wellsfargo.com

WILLIAM RAVEIS MORTGAGE, LLC
7 Trapp Falls Road
Shelton, CT 06484
Phone: 203-615-2726
Email: richard.lamparelli@RAVEIS.COM

WINDSOR FEDERAL S & L ASSN
250 Broad Street
Windsor, CT 06095
Phone: 860-688-8511
Email: lending@windsorfederal.com
LenderContact Info

 

Related Documents

The following documents are related to the HFA Advantage Loan Program.  To open and view the document, click on the document title. 

Related Documents Found: 8  matches     Displaying: 1 - 8 
FileSizeType
018 Borrower Signature Affidavit 014-0718 8-2017
This form must be completed by all borrowers executing closing documents on CHFA first and second mortgage loans. Form must be included in all loan closing packages delivered to CHFA loan servicers on and after September 4, 2017.
358Kpdf

059 Income and Sales Price Limits - 064-0308 Rev 6-2017r
This manual provides information regarding the CHFA Loan Programs available with underwriting overlays, credit scores, applicable servicers and more.
195Kpdf

Counseling Class Online - Homebuyer Registration Instructions Rev 10-17-17
Instructions for registering for the "FREE" CHFA Online Pre-Closing Homebuyer Education offered thru eHome America.
997Kpdf

Counseling Class Online - Lender Registration Instructions Rev 8-16
Lender Instructions for obtaining a loan origination system (LOS) "coupon code" for CHFA borrowers to use in registering for "Free of Charge" Online Homebuyer Counseling thru CHFA ehome America website.
727Kpdf

Counseling Class Schedule - 8 Hour Pre-Purchase Education Class - 4Q 2017
This chart list the 4th quarter class schedules for the Pre-Purchase Education classes. These classes are available to prospective homebuyers.
222Kpdf

Counseling Class Schedule - 3 Hour Pre-Closing Education Class - 4Q 2017
This chart list the 4th quarter schedules for the Pre-Closing Education classes. These classes are available to homebuyers who have a reservation loan number for a CHFA loan.
94Kpdf

Counseling Class Schedule - Financial Fitness - 4Q 2017
This chart list the 4th quarter Financial Fitness counseling available to homeowners and homebuyers. This program is required for clients accepted into the Mortgage Crisis Job Training Program and is available to other clients.
82Kpdf

Counseling Class Schedule - Landlord Class - 4Q 2017
This chart list the 4th quarter schedules for the Landlord Education classes. This class is required for the purchase of a 2-to-4 family home financed by CHFA. It is also available to any potential 2-to-4 family homeowner.
90Kpdf
FileSizeType
Found: 8  matches     Displaying: 1 - 8