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CT Police Home Ownership Program Overview
The Police Homeownership Program encourages police officers to live in the communities where they work by offering home loans at below-market interest rates to municipal and state police officers that purchase homes in participating towns.
While the Police Homeownership Program is primarily designed to benefit police officers who are first time homebuyers, the program is also available to previous homeowners who purchase homes in federally targeted areas that overlap with participating towns.
What towns and cities participate in this program?
The Police Homeownership Program is designed to support municipal police officers who wish to purchase homes in the communities where they work.
The following towns and cities are currently participating in the Police Homeownership Program:
Bloomfield, Branford, Bridgeport, Danbury, East Haven, Enfield, Hamden, Hartford, Manchester, Meriden, Milford, New Britain, New Haven, New London, Norwalk, Putnam, Stamford, Stratford, Waterbury, West Hartford
Please note: Interested applicants should contact their police department or town hall to obtain details on the eligible areas in their town or city.
Who can apply for a Police Homeownership Program loan?
Under the Police Homeownership Program, municipal and state police officers who are first-time homebuyers are eligible if they purchase a home in a designated area of a participating town. Qualified municipal police officers must also work in the town where they purchase their home.
While this program focuses primarily on first time homebuyers, previous home owners may be eligible also, if the property they intend to purchase is located in a participating town that is one of 18 areas in Connecticut targeted for revitalization.
- Who are considered first-time homebuyers?
First-time homebuyers are those who have never purchased a home before or have not had an ownership interest in a principal residence for the past three years.
- What are the income guidelines to qualify for this loan?
An applicant's annual, before-tax household income must not exceed the CHFA income limits that apply to the geographic region where the applicant intends to purchase a home. Household income is calculated by combining the income of all resident adults, 18 or older, who are not full time students.
The CHFA income limits do not apply for homes purchased in targeted areas, unless the applicant also borrows a loan under the Downpayment Assistance Program.
What types of property can you purchase with a Police Homeownership Program loan?
CHFA requires that loan applicants purchase homes that meet specific property and sales price guidelines.
- Property Guidelines:
In order to qualify for this program, the applicant must use the loan to purchase a home in which he or she will reside year-round. An applicant may not use the loan to purchase recreational, vacation, investment, commercial or rental properties. No part of the purchased property may be designed for commercial purposes.
In addition, the property must meet one of the definitions listed below:
- Existing and new single-family homes, townhouses and Planned Unit Developments
- Newly constructed homes that meet FHA's energy efficiency standards (Ask your Participating Lender for more information.)
- Condominiums listed on the CHFA-approved Condominium List
- Two- to four-family homes that have been used as residences for the past five years or newly constructed, two-family homes in a Targeted Area
- Mobile homes that meet FHA guidelines
- Sales Price Guidelines:
In order to qualify for this program, the purchase price of a home must not exceed the CHFA sales price limit established for the specific city or town in the state where the property is located.
For Complete Details or For A No Obligation Free Pre-Approval Contact Leo Namiot www.LeoLends.com or call 860-482-7674
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