Are there Any Special Programs for First Time Home Buyers in Connecticut?

Are there Any Special Programs for First Time Home Buyers in Connecticut?

The simple reply is yes, but the most common and largest is backed by the State of Connecticut and is known as Connecticut Housing and Finance Authority, CHFA.

Established in 1969, the purpose of CHFA was to assist low to moderate income residents to purchase homes.

The process of getting a CHFA program home, is first to get qualified through a CHFA authorized lender. There are over 100 CHFA qualified lenderslocated throughout the State of CT. Currently there are no minimum credit requirement score requirements, however, a prospective buyer must still show financial responsibility.

The CHFA program also allows for home buyers to purchase houses or condos through the CHFA DAP program, which provides down payment assistance in the form of a second mortgage at the same low rate with a term length similar to the primary mortgage.

Also, in key towns, noted as Target areas, mortgages are offered with lower interest rates, and the program may also allow buyers who are not first time purchasers access to the program. Currently there are 13 such target areas in the state.

There are also special programs offered for teachers police officers Active Duty service members National Guard members veterans of the U.S. military or a widowed military spouse or civil partner. These special assistance programs are currently offered in 20 selected communities.

The Coming Home or Our Neighborhoods program provided through CHFA not only allows a working professional as indicated, to get a subsidized mortgage, but also allows for up to a $20,000 grant for home repairs. There is a requirement to own and reside in the homefor 5 years with this grant.

There are income restrictions for the CHFA program. In order to qualify for many CHFA Mortgage Programs, home buyers must have family incomes that fall below limits established by the federal government and State of Connecticut.

Complete details and answers to many questions can be found at the CHFA website .

Any home purchase through this program must be insurable and habitable, which would rule out some foreclosures.

A home purchase in Connecticut can still be achieved with no money down. I can not only assist a first time home buyer with finding that special home or condo, but can also help with finding a qualified lender.

Are there Any Special Programs for First Time Home Buyers in Connecticut?

Yes there are, and I'm here to help you to take advantage of them.