Finance
The Connecticut Housing Finance Authority (CHFA) primarily assists:
ALarge commercial real estate developers
BFirst-time homebuyers and low-to-moderate income buyers with below-market mortgage rates and down payment assistance✓ Correct
CBanks and mortgage lenders with regulatory compliance
DReal estate brokers with licensing requirements
Explanation
CHFA (Connecticut Housing Finance Authority) provides affordable mortgage programs for first-time homebuyers and low-to-moderate income households, including below-market interest rates, down payment assistance loans, and homebuyer education.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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