First-time Buyers With Subprime Mortgages May Get Relief With CHFA
November 9, 2007
The Connecticut Housing & Finance Authority is offering to help some borrowers with sub-prime loans by refinancing their adjustable rate mortgages into 30-year, fixed rate loans. Starting December 1oth, CHFA will begin taking applications.
I don’t know the particulars of the program, other than it is geared towards first-time buyers of owner occupied housing, so if you have an adjustable rate mortgage and want to refinance, you will want to call the hotline at 860-571-3500.
According to the Hartford Courant, CHFA expects to initially help about 300-400 people. That doesn’t seem like a lot but it is when you think about how many people typically get CHFA loans - only 4,000 last year.
Related to this story, the New York Times has an interactive map on their website of percentage of subprime mortgages by county nationwide.
Also related, CHFA’s interest rate is currently 6%.
Entry Filed under: Connecticut, Credit, First time home buyer, Foreclosure, Mortgage, Real Estate Market. Tags: CHFA, Connecticut, first-time buyer, Mortgage, refinance, relief, subprime.
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1. JP | November 12, 2007 at 8:59 pm
buyers and borrowers who played by the rules should be crying FOUL on this one !!!!!! Perhaps people who overextended themselves should be given 40 year fixed mortgages instead of 30 year fixed…??
2. berealct | November 13, 2007 at 12:34 pm
I thought the same thing - people who are responsible don’t need to be rescued and therefore don’t get a benefit like this. I have mixed feelings - I’m glad CHFA is reaching out to people and possibly help save their homes but I’m also concerned that this sends the wrong message to people who didn’t make good decisions.