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Newtown Savings Bank Expands Mortgage Loan Program Offerings

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Newtown Savings Bank Expands Mortgage Loan Program Offerings

Newtown Savings Bank has announces that it has added CHFA lending to its mortgage product offerings. The CHFA loan program is administered by the Connecticut Housing Finance Authority, and provides home ownership opportunities to those who might not benefit from conventional lending programs.

Qualified borrowers who fit the criteria, including the new higher income and housing price limits, benefit from a below-market interest rate, an easy lending process, and low down payments.

“We are very excited to now be able to assist more people in our communities to attain home ownership” said Margaret Powers, senior vice president of retail lending at Newtown Savings Bank. “The CHFA program opens doors for many local residents that want to stay in the area by helping to make it more affordable”

CHFA loans offer: 30-year fixed interest rate below comparable market rates; 100 percent financing, including closing costs, may be available; higher income limits when purchasing in targeted areas; flexible approval process and underwriting; various programs and benefits for teachers, police officers, and military personnel; and free homebuyer education classes (required on some programs) available in both English and Spanish.

Prospective buyers may learn more about CHFA loans, and other available financing options, by calling 800-461-0672 or visiting www.nsbonline.com. In addition, detailed information regarding new income and sales price limits may be obtained at www.chfa.org.

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