Mortgage Rates for Today

Connecticut Assistance Programs

As the largest purchase mortgage lender in CT, Total Mortgage can help you secure some of the best mortgage rates in CT. Our experts compare current rates across multiple mortgage companies in Connecticut and Connecticut credit unions to find the best financing options whether you're a first-time homebuyer or looking to refinance. With some of the most competitive interest rates in CT, we can help you save money each month and get into your dream home.

If you have any questions about securing the best mortgage rates in Connecticut, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Connecticut First-time Homebuyer Programs

In Connecticut, first-time homebuyers have access to a range of programs through the Connecticut Housing Finance Authority (CHFA) that are tailored to various individuals, including those with disabilities, military personnel, police officers, and teachers. These programs aim to make the home buying process more affordable, offering down payment assistance and other benefits.

Total Mortgage, with our 25 years of experience and experience as the top Connecticut purchase lender, can guide you every step of the way to help you secure the best mortgage deal for your situation.

For a comprehensive understanding of the eligibility requirements and program details, consider exploring the CHFA resource map designed for each of the programs listed below. When you are ready to take the first step, apply here and start working with one of our experts.

Down Payment Assistance Program Loan

Saving for a down payment can be challenging, but the Down Payment Assistance Program (DAP) loan, in Connecticut can help. This program provides funds that can cover both the down payment and closing costs. With up to $20,000 in home purchase assistance available in the form of a low-interest second mortgage, this program is an excellent option for those who have been struggling to save for a down payment. To qualify for this program, you need to apply, and qualify for a CHFA mortgage.

HFA Advantage and HFA Preferred Loans

Connecticut offers the HFA Advantage and HFA Preferred loan programs which are supported by Fannie Mae and Freddie Mac. These programs are popular among first-time homebuyers as they provide savings on insurance costs and offer "below-market" interest rates. These programs also eliminate mortgage insurance premiums entirely when the borrower achieves 20 percent equity. However, to qualify, you must be a first-time buyer or not have owned a home in the previous three years, and the home must be your primary residence. Additionally, there are income and purchase price limits within the programs.

Conventional Area Median Income Loan Program

For first-time buyers whose income exceeds 80 percent of the area median income, the Conventional Area Median Income Loan Program (CALP) is an excellent option. This mortgage offers benefits such as no upfront mortgage costs and lower monthly mortgage insurance costs. Furthermore, mortgage insurance premiums are completely eliminated when borrowers reach 20 percent equity. Eligible properties include single-family homes, townhomes, and specific Fannie Mae or Freddie Mac-eligible condominiums. Applicants must be first-time homebuyers who have not owned a home in the past three years, and the home being purchased must be your primary residence.

Military Homeownership Program

The Military Homeownership Program is specifically tailored for current members of the military and veterans who are first-time homebuyers. This program offers 0.125 percent off a below-market interest rate and is also available to unmarried, surviving spouses, or civil union partners of a veteran who died as a result of military service or service-connected disabilities. Like other programs, the property must be your primary residence, and there are income and sales price limits, depending on the location of the home. Eligible homes include single-family homes, townhomes, FHA or VA-approved condominiums, or Fannie Mae-eligible properties.

Police Homeownership Program

The Police Homeownership Program is designed to assist municipal and state police officers in purchasing homes. This program offers mortgages with interest rates that are an additional 0.125 percent below-market rates. It is available to first-time homebuyers or those who have not owned a home in the prior three years. Funding is available for primary residences only, and there are sales price and income limits as well.

Teachers Mortgage Assistance Program

Connecticut's Teachers Mortgage Assistance Program aims to assist teachers in becoming homeowners. This program features 0.125 percent off the below-market interest rates offered by the CHFA. It is available to first-time buyers or those who have not owned a home in the past three years. Just like other CHFA programs, the home must be your primary residence. Moreover, borrowers must be employed as teachers in specific school districts or have graduated from historically black colleges or Hispanic-serving institutions.

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