Connecticut’s quasi-public homeownership promoter has made it easier for more first-time buyers to obtain a state-funded mortgage, issuing revised qualifications on income levels and house prices.
The Connecticut Housing Finance Authority says it new income and sales price limits that take effect Friday comply with similar qualifiers established at the federal Department of Housing and Urban Development and U.S. Treasury Department.
The income and sales-price limits vary, depending on the region of the state where buyers reside.
For example, in most of Hartford County, the borrower’s income limit is $89,700 for a one- to two-person household and $103,155, for a household with three or more person. The sales price limit is $336,950.
The federal qualifying limits reset annually, said CHFA spokeswoman Lisa Kidder. The new limits are based on averages of sales prices and incomes in the region in the last five years, CHFA said.
Previously, Hartford County’s limits were $102,600 for up to two-person households; $119,700 for ones with three or more residents. The sales price limit was $345,375.
In 2014, the average income of a CHFA borrower was $61,200, and the average mortgage was $164,700, Kidder said.
For more details, visit chfa.org.
