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If you are thinking to buy a home in Connecticut and you have a low to medium income family, the Connecticut Housing Finance Authority has a number of mortgage assistance programs you should consider before committing yourself to another lender. The CHFA is a non-profit mortgage insurance provider which is committed to helping low and medium income families take their first step in the property ladder.
The CHFA provides mortgage programs to help you buy a house, pay the downpayment on a home, rehabilitate and renovate a property, as well as enabling tenants to become homeowners. This article will provide general information on the main programs provided by the CHFA as well as explaining how you can apply for further information.
Homebuyer Mortgage Program
The CHFA’s flagship first-time homebuyer program is the Home Mortgage Program. It provides Connecticut residents who are purchasing a home for the first time with 30-year fixed low interest rates (currently 3.875 percent). Applicants must meet CHFA income limits to qualify. However, certain areas targeted by the CHFA do not require buyers to meet income limits. Click here for more information on this program.
Downpayment Assistance Program
The Downpayment Assistance Program is designed to help you pay for the expenses associated with buying a home, such as a downpayment and closing costs. The CHFA offers these loans at lower interest rates than conventional commercial loans. Usually, the CHFA will match the interest rate offered by your main mortgage provider and in some cases will even improve on it. Successful applicants must prove they have the necessary income to pay for their main mortgage and downpayment assistance loan. Applicants can combine a Homebuyer Mortgage Program loan with a Downpayment Assistance Program loan. Loans range from $3,000 to a maximum 25 percent of your home’s purchase price. Click here for more information on this program.
The HERO Expansion program helps stabilize neighborhoods by encouraging first-time buyers to invest in areas with a high density of foreclosed and abandoned homes. The program provides buyers with low-interest (currently 3.875 percent) 30-year fixed-rate mortgages. You can own another property and apply for the HERO program but you must agree to live in the new home as your primary address and you cannot sell a HERO program within the first 5 years of purchase without approval from the CHFA. For more information on this program click here.
The Urban Rehabilitation Homeownership Program (UR HOME) is a similar program to the HERO program. Its goal is to encourage buyers to invest in areas which have fallen into disrepair by granting low interest rate mortgages and zero-interest home-improvement loans. Click here for more details on this program.
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