A “Targeted Area” is a neighborhood where the federal government believes would benefit from an increase in Homeownership. By purchasing in these areas, you could obtain a lower interest rate on your mortgage. By buying in these areas, you can have the lower interest offered by CHFA, even though you:
-Do not have to be a first-time homebuyer
-Income Limits do not apply. (Normally the limits are $101,280 for 1-2 person household, $118,160 for 3+ people)
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-Sales Price Limits do not apply.
Locally, it is ALL of New London, and parts of Groton and parts of Norwich. A lot of people think that “Targeted” means a bad area, but it is not the case. I purchased my home in a “Targeted Area.” You could be in the 6th district in New London as well as parts of Mystic on the Groton side.
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Below are the links for the specific parts of Groton and Norwich.
Check them out. If your home is in these areas, your interest rate could drop usually by 1.25 percentage points lower than the normal rates. Have you heard of the Targeted Areas before? Are you looking to buy in these areas?
Keith S. Turner
keitht@mccuemortgage.com
860-444-0650
