Pilot
Downpayment Assistance and/or Closing Cost Program for
Manchester
Pilot Downpayment Assistance and/or
Closing Cost Program for Manchester Interest Rates
Currently, the Pilot Downpayment
Assistance and/or Closing Cost
Program for Manchester is providing mortgages at the
following rate:
- Interest rate: 2.750%** (APR range 2.85 - 3.25%)
- Fees: Up to One Point (1% Origination Fee) * Payable to Lender
- Term: 30 years, fixed rate
|
** Please note, this rate is subject
to change and additional fees may apply.
Eligibility
Eligible borrowers must be purchasing a home in specified
areas of Manchester. These areas are identified as
Census/Block Group numbers: 5142003; 5144001-5144004;
5145002; 5146001-5146005; 5147001-5147004; 5148003; portions
of 5142001 and 5142002; portions of 5144005. Please
note: Homes across the street from all eligible area
boundaries shall be eligible for the program.
Individuals and families are eligible to participate in
the Program providing they are first-time homebuyers (or
prior homeowners who have not owned a home in the past 3
years) and have an annual income which is at or below 80% of
the area median income for Manchester, adjusted for
household size according to HUD income guidelines.
Loan Program
This program offers a reduced first mortgage interest rate
of ¼% below CHFA’s regular Homebuyer Mortgage Program rate
for a term of 30 years. In addition, a 0% interest rate
loan up to a maximum of $4,000 will be available from the
Town of Manchester to assist with the downpayment and/or
closing costs associated with the purchase of a
single-family dwelling, a condominium unit on
FHA's Approved Condominium
List, or a multifamily
dwelling consisting of not more than four units. (The
Town's 0% interest rate loan may be used for up to 50% of
the downpayment amount.)
The 0% loan is provided by the Town of Manchester and is
forgiven at 20% per year over a five-year period. If the
borrower sells or refinances the home before five years of
ownership, the remaining balance of the 0% interest rate
loan is to be repaid to the Town of Manchester. In order to
participate in the loan program, all prospective borrowers
must meet with the Town of Manchester to determine
eligibility for the program with regard to total household
income and to determine the presence of lead paint, if the
home is built prior to 1978, through a Lead-based Paint
Visual Inspection.
Borrowers who need additional funds for downpayment may
apply for a CHFA Downpayment Assistance Loan through one of
the Participating Lenders for the Program.
Prospective homebuyers who have a contract of sale to
purchase a home in one of the specified areas of Manchester
may contact the Town of Manchester to speak with a
representative in the Manchester Planning Department at
860-647-3044 to schedule an appointment to determine
eligibility for the program.
Once deemed eligible, borrowers may contact one of the
two Participating Lenders in the Program to determine loan
eligibility. Lenders will take the mortgage application and
determine a borrower’s eligibility for a mortgage loan.
Income/Sales Price Limits
Individuals and families must have an annual income at or
below 80% of area median income set for the Town of
Manchester, adjusted for family size. See Chart below for
maximum allowable income limits for the Program by household
size. Sales price limits cannot exceed $301,500, which is
the limit currently set for Manchester under the CHFA
Homebuyer Mortgage Program.
| 1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
| $44,950 |
$51,400 |
$57,800 |
$64,200 |
$69,350 |
$74,500 |
$79,650 |
$84,750 |
Homebuyer Education
Borrowers will be required to attend an 8-hour Homebuyer
Education class before they can close on their loan. These
classes are free of charge, but may have costs associated
with pulling credit, if applicable. The Participating
Lender will direct you to contact a counseling agency to
schedule participation in a class.
Contact Information
Contact the CHFA Customer Call center for more
information on the Pilot Downpayment and/or Closing Cost
Assistance Program for Manchester at 860-571-3502.
Participating Lenders for the Program are as referenced
below:
| First Niagara Bank, N.A. |
|
Freedom Mortgage Corporation |
|
McCue Mortgage Company |
|
Norcom Mortgage |
| Tel: 860-713-8273 |
|
Tel: 800-813-9420 |
|
Tel: 800-382-0017 |
|
Tel: 860-676-8003 |
Documents related to the Pilot
Downpayment Assistance and/or
Closing Cost Program for Manchester
The following documents are
related to the Pilot Downpayment
Assistance and/or Closing Cost
Program for Manchester.
To open and view the document, click
on the document title.
| Related Documents |
Found: 4
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| File | Size | Type | CHFA Homebuyer Mortgage Programs Brochure
This brochure provides an overview of the CHFA Homebuyer Mortgage Program, the Downpayment Assistance Program and the Rehabilitation Mortgage Loan Program. | 1197K | pdf |
| Pilot Downpayment and/or Closing Assistance Program for Manchester
The map shows the eligible areas for the Program. Homes must be located in the yellow-shaded areas of the Census Block Group Boundary. (Exception: Homes across the street from all eligible area boundaries shall be eligible for the program.) | 246K | pdf |
| Manchester Pilot Program Brochure
This brochure gives program guidelines, income limits for the program, a list of eligible areas and CHFA Participating Lenders that originate these loans on behalf of CHFA. | 649K | pdf |
| CHFA Homes for Sale
Listing of REO Properties - updated 04/30/2012 | 13K | pdf | | File | Size | Type |
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