The Connecticut Housing Finance Authority (or CHFA) provides information to first-time homebuyers so they are able to make informed financial decisions. In addition to this information the CHFA also offers various mortgage packages to make your dream of owning a home come true. Because it takes a few months to purchase a home you should use the time well to obtain all information that will guide you through the steps. These pointers will help you to find your way home.
Pre-qualify and locate a real estate agent
By looking at your financial situation including items such as your income, savings and existing debt you can determine how much you can afford to pay for that dream house. Your lender can assist with this and whereas it does not imply that you are guaranteed a mortgage most sellers will consider your offer seriously if they are confident that you are able to obtain finance. After pre-qualification you should locate a real estate agent who can guide you towards neighborhoods and houses that will satisfy your accommodation requirements as well as the CHFA sale prices requirements
Find a home and make and offer
Describe your dream home to the real estate agent and let the agent focus you on your most important needs first. The agent is trained to assist in finding a community in which you can prosper and be content. They look at public transportation, schools and other relevant facilities. With the agent’s guidance you should find a house that satisfies you and that you are prepared to make an offer on. Since the offer is legally binding the agent will propose certain conditions to ensure that your wishes are met within documented time frames. The offer is then signed by you as well as the seller.
Apply for mortgage and do a home inspection
This is where you get the assistance of an attorney to ease your task of applying for a mortgage. To be considered for a CHFA mortgage requires a lender that has been approved by the CHFA. They will originate the application and process it for you. They will explain to you what the principal amount involved is and also the interest, insurance and taxes. An estimate of the closing costs will also be provided so you completely understand how much you are taking on financially. You should also get a home inspection done by a licensed home inspector who will provide you with a written report.
“Closing” refers to the activity where you synchronize the sale with the activity of obtaining a loan from your lender. Once you close on the home new conditions that you may discover may not be added to the agreement. Come to this point of the proceedings well prepared with all documents and finances as instructed and carefully read all documents which you are expected to sign.
All that is now left is to move in and start living your dream!