NFT: Mortgage Question - CHFA

Obviously, I'll be of great help, but > info aids a search

The Connecticut Housing Finance Authority (CHFA) offers a variety of home loans at below-market or competitive interest rates to eligible first-time homebuyers and to prior homeowners intending to purchase homes in areas targeted for REVITALIZATION.

I don't qualify. That said I heard you can still get a lowered rate through a course but that may be tied to the CHFA loan itself.

with bank. The underwriter makes the rules.

Those programs, IMO, are dangerous. Can't recall where or when and I might be wrong but I think if you qualify for the lower rate for a revitalization area the appreciation is minimal and you might have to stay throughout the note or pay a fine.

There is always a catch. It's too easy to just take a course and get, literally, free money.

just getting an 80/10/10.

First loan with a low rate at 80% of the home value
Second loan with a slightly higher rate at 10% of value
Then a 10% down payment.

No PMI in this scenario and you can always pay off that second loan faster than your first. No matter how you do the math, this is the least expensive way to go about it.

FHA has the lowest rate with the lowest down payment but you are stuck with the MIP monthly premium forever....or until you sell or refinance.

Low-Moderate income area or have an income yourself in the Low-Moderate range for the area you have additional options as well, with as little as 3% down payment and no PMI.