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  • The main source of state-funded mortgage help in Connecticut is the Connecticut Housing Finance Authority (CHFA). The company was created in 1969 by the Connecticut Congress with a focused yet challenging mission: to provide affordable housing to low and medium income families in Connecticut.

    As of 2011, the CHFA has provided mortgage assistance to approximately 120,000 families and individuals through its single family low-income mortgage program, as well as aiding over 32,000 families with low-cost rental units. The mortgage financing budget of the CHFA is now set around $11 billion and is one of the few housing finance agencies to receive a AAA rating (the highest rating available) from Standard and Poor’s rating service.

    This series of three articles will look at the flagship mortgage assistance programs provided by CHFA and other Connecticut state organizations. This article will focus on CHFA’s Connecticut Fair Alternative Mortgage Lending Initiative and Education Services (CT FAMLIES). Our second article will look at CHFA’s Emergency Mortgage Assistance Program (EMAP) and our final article will survey mortgage and housing programs offered by other non-profit institutions in Connecticut.

    Connecticut FAMLIES.

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    Connecticut’s Fair Alternative Mortgage Lending Initiative and Education Services provides low and medium income families with low-interest, 30-year fixed rate mortgages, as well as affordable second mortgages, which can be used to finance down payment, closing costs, taxes and other related expenses. As is the case with all Housing Authorities, CHFA does not provide loans directly. Rather it insures the mortgages provided by approved mortgage providers.

    If you are interested in a CT FAMILIES mortgage, you should apply directly to an approved provider in your area. There are currently 5 approved lenders in Connecticut: Liberty Bank, McCue Mortgage, New Alliance Bank, People’s United Bank and Webster Bank. The provider you choose will give you the information you need to qualify for the program. However, if you have more questions you can talk to CHFA’s customer care center y calling 1.860.571.3500.

    Rates and Points

    Current CHFA CT FAMLIES mortgages are provided with an interest rate of 3.875 percent, which equates to an APR rate of 3.975 to 4.375 percent. You should also budget for a 1.5 percent closing or originating fee, which is paid directly to the mortgage provider.


    To qualify for a CT FAMLIES mortgage you must own one home and be late, or expect to be late, in your mortgage payments. You must live in the mortgaged home as your main address and have a family income within the CHFA’s income limits. Click here for an up-to-date description of the income limits for your area. You must also prove your financial difficulties were caused by reasons out of your control and that your previous mortgage payment and credit history was good before the hardship that triggered your financial problems.

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