Preferred™ Loan Program
HFA Preferred™ Interest Rates
Preferred™ Program is providing mortgages at the
- Interest rate: 3.250%** (APR range 3.35 - 3.75%)
- Term: 30 years, fixed rate
** Please note, this rate is subject
to change and additional fees may apply.
apply for an
Borrowers must be first-time
homebuyers. Eligible borrowers must
have incomes that meet the
guidelines. The gross annual
household income for borrower(s)
cannot exceed the limit shown for
the city/town where you are
purchasing the home.
types of property can you purchase
- 1 unit homes
- Fannie Mae approved
- Planned Unit Developments
- 2-4 unit homes
NOTE: Manufactured homes and co-ops are not permitted.
else should you know about an HFA
The Sales price limit cannot exceed
CHFA Sales Price limits
established for the city/town where
you are purchasing your home,
providing it does not exceed the
Fannie Mae 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.
All homebuyers must attend a
minimum of a
Education Class and if purchasing a
2-4 family home must also attend a
Landlord Class through a CHFA/HUD
approved Counseling Agency.
What are downpayment requirements?
Depending on the mortgage
insurer, some borrowers may be
required to use their own funds
towards the downpayment. In some
cases, borrowers who do not have
funds saved for a down payment may
Assistance Program. The minimum
down payment may vary depending on
the Mortgage Insurer. Your
Participating Lender will determine
the minimum down payment requirement
for you. Borrowers who are
purchasing 2-4 unit homes are
required to put 3% of the purchase
price as a down payment from their
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 Genworth Financial, MGIC, Radian and United
How do you apply for a HFA Preferred loan?
The HFA Preferred™
Loan Program will be offered through
the following CHFA Participating
Lenders. Contact one of the
lenders listed below to apply for a
CHFA HFA Preferred™
American Neighborhood Mortgage (AnnieMac)
Chelsea Groton Bank
Citizens National Bank
Fairfield County Bank
First World Mortgage
Franklin American Mortgage Company
iServe Residential Lending
McCue Mortgage Company
Mortgage Master, Inc.
NE Moves Mortgage
Newtown Savings Bank
People’s United Bank
Residential Mortgage Services
Savings Institute Bank and Trust
Wells Fargo Bank, N.A.
William Raveis Mortgage, LLC
The following documents are
related to the HFA Preferred™ Loan
Program. To open and view the
document, click on the document
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