Three Great CHFA Programs for First Time Home Buyers

Three Great CHFA Programs for First Time Home Buyers

CHFA (the Connecticut Housing Finance Authority) has been helping first time homebuyers and low and moderate income families get affordable housing in Connecticut for over 40 years, and their mortgage rates have recently fallen below the 4% mark (currently at 3.875%, their lowest rate ever). However, there are three excellent, but little known, programs available through CHFA for some very deserving segments of the population: policemen, teachers and military personnel.

The Police Homeownership Program

This program is available to help police officers to buy homes in the communities they work in by making mortgages available with below-market interest rates, if the officer lives in a participating town. Although it is primarily for police officers who are first time homebuyers, it is also available to previous homeowners who buy a home in a federally targeted area that overlaps with a participating town.

For more information on this program, click here.Checkoutthisprogram

Police Homeownership Program Interest Rates

Currently, the Police Homeownership Program is providing mortgages at the following rate:

  • Interest rate: 3.750%** (APR range 3.85 – 4.25%)
  • Fees: Up to One Point (1% Origination Fee) * Payable to Lender
  • Term: 30 years, fixed rate

** Please note, this rate is subject to change and additional fees may apply.

The Teachers Mortgage Assistance Program

This program  offers mortgages at below-market level rates to Connecticut public school and Vocational-technical school teachers who are firat time home buyers. As with the Police Homeownership Program, previous homeowners may qualify for this program if they buy a home in a federally targeted area that would benefit from an increase in home ownership.

This program is designed to encourage teachers to live and teach in challenged communities that have been designated by the state as priority or transitional school districts.  It is also designed to assist teachers with specific academic certifications in subject matter shortage areas to relocate, if they desire, to any Connecticut school district that is under-staffed in their subject.charliebrown

For more information on this program, click here.

Teachers Mortgage Assistance Program Interest Rates

Currently, the Teachers Mortgage Assistance Program is providing mortgages at the following rate:

  • Interest rate: 3.750%** (APR range 3.85 – 4.25%)
  • Fees: Up to One Point (1% Origination Fee) * Payable to Lender
  • Term: 30 years, fixed rate

** Please note, this rate is subject to change and additional fees may apply.

The Military Homeownership Program

In appreciation and recognition of our Connecticut military families, this program offers home loans at below-market interest rates to members of the United States military, National Guard, veterans and some widowed military spouses or civil union partners. While this program is designed to benefit first-time homebuyers primarily, previous home owners may be eligible if they buy a home in a federally  targeted area or if their prior home qualifies for an exemption under the Tax Relief and Health Care Act of 2006.
soldiers
For more information on this program, click here.

Military Homeownership Program Interest Rates

Currently, the Military Homeownership Program is providing mortgages at the following rate:

  • Interest rate: 3.750%** (APR range 3.85 – 4.25%)
  • Fees: Up to One Point (1% Origination Fee) * Payable to Lender
  • Term: 30 years, fixed rate

** Please note, this rate is subject to change and additional fees may apply.

Here is a list of Participating Lenders.
Here is a list of federally targeted areas.
If you don’t have the funds to pay the upfront costs (e.g., the down payment or closing costs), here is more information of the Down Payment Assistance Program

If you are looking to buy your first home or are a previous homeowner who feels you could qualify for one of these programs, please click the appropriate link above to get more information. You can also contact CHFA by phone at (860) 571-3502, by e-mail at singlefamilyunderwriting@chfa.org, or by mail at:

CHFA
Attn: Single Family Underwriting
999 West Street
Rocky Hill, CT 06067-4005

Once you have your financing set, call Harriman Real Estate at (203) 672-4499, and we’ll find you the home of your dreams!


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  1. Pingback: Three Great CHFA Programs for First Time Home Buyers | Wallingford … | Open Houses Boston - Open Houses MA - homes for sale by owner, and real estate agents

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