New mortgage plan OK’d for state buyers

In response to the changing mortgage market, the Connecticut Housing Finance Authority is now offering "HFA Preferred" mortgages for first-time homebuyers in Connecticut.

HFA Preferred mortgages have lower private mortgage insurance premiums, saving borrowers money. They offer the same below-market interest rate as other CHFA mortgages, currently 3.25 percent for a 30-year term.

The HFA Preferred mortgage does have more stringent underwriting requirements than an FHA loan. To qualify, borrowers must have a minimum downpayment of 3 percent, and CHFA lenders may have a minimum credit score requirement.

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