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HFA Preferred Loan Program

Program Overview

The HFA Preferred Loan Program offers home loans at below-market interest rates to first-time homebuyers with low mortgage insurance costs. 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 Preferred Loan through one of CHFA-approved participating lenders. (See, list of Participating Lenders under the HFA Preferred Loan Program.)    

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

 

 

HFA Preferred Interest Rates

Currently, the HFA Preferred™ Program is providing mortgages at the following rate:

    • Interest rate: 3.250%** (APR range 3.35 - 3.75%)
    • 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 Preferred loan?

Borrowers must be first-time homebuyers.  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.   


 

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

    • 1 unit homes
    • Fannie Mae approved condominiums
    • Planned Unit Developments
    • 2-4 unit homes

NOTE:  Manufactured homes and co-ops are not permitted.


What else should you know about an HFA Preferred 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 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.


Homebuyer Education

All homebuyers must attend a minimum of a 3-Hour Homebuyer 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 the 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 utilize the CHFA Downpayment 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 own funds.


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 Guaranty.

 

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 loan.

Participating Lender List Found: 43 matches     Displaying: 1 - 43 
LenderContact Info
ANNIEMAC HOME MORTGAGE
700 East Gate Drive
Mount Laurel, NJ 08054
Phone: 856-252-1500
Email: jasonleibowitz@annie-mac.com

BERKSHIRE BANK
58 Statehouse Sq.
Hartford, CT 06103
Phone: 860-460-5002
Email: gklender@berkshirebank.com

CHELSEA GROTON
904 Poquonnock Rd.
Groton, CT 06340
Phone: 860-448-4176
Email: Mortgagecenter@chelseagroton.com

CITIBANK, N.A.
750 Washington Blvd.
Stamford, CT 06901
Phone: 203-558-7325
Email: juan.cueto@citi.com

CTHM, LLC D/B/A CONNECTICUT HOME MORTGAG
3 Corporate Drive
Shelton, CT 06484
Phone: 203-925-8560
Email: dmdecarlo@cthm.com

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

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

FAIRFIELD COUNTY BANK CORP.
150 DANBURY ROAD
RIDGEFIELD, CT 06877
Phone: 800-776-6518
Email: joyce.trombley@fairfieldcountybank.com

FARMINGTON BANK
1 Farm Glen Blvd
FARMINGTON, CT 06032
Phone: 877-376-2265
Email: skornfeld@farmingtonbankct.com

FIRST NIAGARA BANK, N.A.
195 Church Street
NEW HAVEN, CT 06510
Phone: 203-789-2817
Email: dawn.pellegrino@fnfg.com

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

FRANKLIN AMERICAN MORTGAGE COMPANY
501 Corporate Centre Drive suite 400
Franklin, TN 37067
Phone: 615-778-1000
Email: kwood@franklinamerican.com

FREEDOM MORTGAGE CORPORATION
281 Oakland Rd
South Windsor, CT 06074
Phone: 860-644-7080
Email: neil.caron@freedommortgage.com

GUARANTEED RATE, INC.
1245 Farmington Ave, Ste 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

HOMESTEAD FUNDING CORPORATION
72 NORTH STREET
DANBURY, CT 06810
Phone: 203-791-1736
Email: WHUNT@HOMESTEADINGFUNDING.COM

ISERVE RESIDENTIAL LENDING, LLC
1010 Washington Blvd
STAMFORD, CT 06901
Phone: 203-817-3613
Email: cdellacamera@iservelending.com

LIBERTY BANK
55 HIGH STEET
MIDDLETOWN, CT 06457
Phone: 888-570-0773
Email: stheriault@liberty-bank.com

MCCUE MORTGAGE COMPANY
One Liberty Square
New Britain, CT 06051
Phone: 800-382-0017
Email: marketing@mccuemortgage.com

MORTGAGE MASTER INC
102 Elm Street
WALPOLE, MA 02081
Phone: 508-850-4100
Email: praymo@mortgagemasterinc.com

N E MOVES MORTGAGE
1057 MINERAL SPRING AVE
NORTH PROVIDENCE, RI 02904
Phone: 800-793-5626
Email: donna.diipetrillo@nemoves.com

NAUGATUCK VALLEY SAVINGS AND LOAN
33 Church Street
Naugatuck, CT 06770
Phone: 855-593-5363
Email: bcorbo@nvsl.com

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

NORCOM MORTGAGE
139 Simsbury Road
AVON, CT 06001
Phone: 860-676-8003
Email: phil@norcom-usa.com

PEOPLES UNITED BANK
850 MAIN STREET
BRIDGEPORT, CT 06604
Phone: 860-922-5983
Email: terence.floyd@peoples.com

PRIMARY RESIDENTIAL MORTGAGE, INC.
63 East Center Street
Manchester, CT 06040
Phone: 860-922-6555
Email: jdionne@primeres.com

PRIME LENDING A PLAINS CAPITAL COMPANY
612 Wheelers Farm Road
Milford, CT 06461
Phone: 203-951-4946
Email: cmerkson@primelending.com

PROSPECT MORTGAGE
102 Technology Drive
Trumbull, CT 06611
Phone: 203-400-6652
Email: michele.poulin@prospectmtg.com

PUTNAM BANK
40 MAIN STREET
PUTNAM, CT 06260
Phone: 860-963-4953
Email: lkieltyka@putnamsavings.com

RESIDENTIAL HOME MORTGAGE CORP.
4 Wood Hollow Road
Parsippany, NJ 07054
Phone: 973-577-7008
Email: mkaplan@rhfunding.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: mkaprove@santander.us

SAVINGS BANK OF DANBURY
220 Main Street
Danbury, CT 06810
Phone: 203-830-4390
Email: mmorgado@sbdanbury.com

SAVINGS INSTITUTE BANK AND TRUST
803 Main Street
Willimantic, CT 06226
Phone: 800-423-0142
Email: jaclyn_petrizzo@banksi.com

STONEGATE MORTGAGE CORPORATION
1224 Mill Street, bldg B, Ste 224
East Berlin, CT 06023
Phone: 860-922-9928
Email: lynn.scuderi@stonegatemtg.com

THOMASTON SAVINGS BANK
203 Main Street
Thomaston, CT 06787
Phone: 860-283-3439
Email: truot@thomastonsavingsbank.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: lcaliendo@villagemtg.com

WEBSTER BANK
609 WEST JOHNSON AVENUE
CHESHIRE, CT 06410
Phone: 866-404-7040
Email: rrusso@websterbank.com

WELLS FARGO BANK N.A.
86 N. Main Street
Wallingford, CT 06492
Phone: 203-605-7195
Email: tish.assante@wellsfargo.com

WILLIAM RAVEIS MORTGAGE, LLC
235 Littleton Road
Westford, MA 01886
Phone: 978-692-3499
Email: maryellen.graziano@RAVEIS.COM
LenderContact Info

 

Related Documents

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

Related Documents Found: 19  matches     Displaying: 1 - 19 
FileSizeType
005 Approval of Assumption - 035-1195 Rev 7-14
This form approves the CHFA assumption of a CHFA Mortgage.
43Kpdf

007 Assignment of Mortgage -Sample 036-1014 Rev 10-14
An Assignment of Mortgage reference sample. CHFA is not a member of MERS (Mortgage Electronic Registration System). Recording data for both the mortgage deed and assignment of mortgage must be in the name of the Connecticut Housing Finance Authority.
13Kpdf

010 Assumption Agreement -Sample - 036-1195 Rev 7-14
This form is a sample of the mortgage assumption agreement.
51Kpdf

015 Borrower Eligibility Certificate - 014-1107 Rev6-14
This CHFA Disclosure Document is required to be signed by Borrower(s) to certify that both the borrower and the home that is being purchased meet the eligibility requirement for a CHFA loan.
161Kpdf

044 Employment Verification (Telephone) - Sample - 057-1195 Rev 8-14
This is a sample of the minimum information that must be provided when a Lender verifies a borrower's employment over the phone.
84Kpdf

080 Loan Purchase Request Form - 066-0408 Rev 7-14
This form must be completed by the Lender and faxed to the CHFA Finance Dept. to request Purchase (funding) for closed CHFA 1st and 2nd mortgage loans.
82Kpdf

100 Owner-Occupancy Inspection (PostClosing)- Sample 025-0400 Rev 8-14
This form is a certification by a Lender to CHFA that the borrower/s are occupying the residence as an eligible dwelling.
36Kpdf

115 Processing Checklist File Submission Order -009-1107 Rev 8-14
This checklist details the mortgage insurance type, standard-CHFA and product-specific CHFA loan documents in the order they must be presented in the loan application package submitted to CHFA for processing.
154Kpdf

120 Recapture Tax (The Federal) Notice to Mortgagor -Method to Compute - 052-1195 Rev 7-14
Notice of maximum Recapture Tax and Method to Compute on Sale of Home is required. Form must be signed and dated by borrowers providing them legal notice of the Tax due upon sale of the home during the Recapture Tax period.
73Kpdf

170 Underwriting - Limited Documentation Compliance Checklist 009A-0808 Rev 8-14
This form lists the documents (in order) that must be submitted for streamline documentation for financing loans with ratios up to a maximum of 33%/43% with an "Accept" Risk Status in automated underwriting.
159Kpdf

CHFA APPROVED SERVICER - BOGMAN, INC REFERENCE GUIDES Rev 10-14
For loans delivered to Bogman, Inc. this summary contains their Contact Information, Transfer Guidelines, and Document Checklists.
664Kpdf

CHFA APPROVED SERVICER - U.S. BANK REFERENCE GUIDES Rev 10-14
For loans delivered to U.S. Bank, this summary contains their Contact Information and Document Checklists.
268Kpdf

Program Brochure - Emergency Mortgage Assistance Program (EMAP)- (Spanish) 4-2014
This brochure provides an overview of the Emergency Mortgage Assistance Program (EMAP). 4/2014
738Kpdf

Program Brochure - Emergency Mortgage Assistance Program (EMAP) 4-2014
This brochure provides an overview of the Emergency Mortgage Assistance Program (EMAP). Rev 4/2014
737Kpdf

Program Brochure - Homebuyer Mortgage Programs (Spanish) 4-2014
This brochure provides an overview of the CHFA Homebuyer Mortgage Program, the Downpayment Assistance Program and the Rehabilitation Mortgage Loan Program.
1063Kpdf

Program Brochure - Homebuyer Mortgage Programs 4-2014
This brochure provides an overview of the CHFA Homebuyer Mortgage Program, the Downpayment Assistance Program and the Rehabilitation Mortgage Loan Program.
951Kpdf

Program Fact Sheet - HFA Preferred Program 6-14
CHFA offers a first-time homebuyer a mortgage loan program that offers a 30-year, fixed rate mortgage with low cost mortgage insurance coverage requirements.
508Kpdf

Program Fact Sheet - HFA Preferred Program Outline and Underwriting Guidelines 7-14
CHFA HFA Preferred Program Outline and Underwriting Guidelines.
594Kpdf

Targeted Areas - Police Homeownership Program Participating Towns Rev 7-1-2013
This is a list of Towns that participate in the CHFA Police Program
114Kpdf
FileSizeType
Found: 19  matches     Displaying: 1 - 19