Dream Homes Near Me

CHFA Home of Your Own Program

Connecticut first-time homebuyers with disabilities or those who plan to stay with a disabled family member can get below-market mortgage rates through the Connecticut Housing Finance Authority. To qualify for this program, applicants must fulfill the purchase price and income requirements, provide evidence of disability, and complete a homebuyer education course.

CHFA Public Housing Residents Program

First-time home buyers in Connecticut who are rental housing tenants or have passed the rental assistance program can be eligible for a low mortgage rate in Connecticut. Fulfilling employment, income, and minimum credit requirements is essential to qualify for the CHFA Public Housing Residents Program.

CHFA Mobile Manufactured Home Loan Program

This program is available for repeat and first-time home buyers in Connecticut. Under this program, an aspiring home buyer must buy a manufactured or mobile home to enjoy lower interest rates and closing costs. The applicants must pay a 20% down payment and meet income & purchase price requirements to qualify for this CHFA program. Additionally, CHFA has some guidelines that must be fulfilled. These guidelines are:

• The home must be a primary residence.
• You need to live in a year-round home in an approved mobile home park, anchored without wheels or hitches.
• You'll also sign a yearly lease.
• No income limit applies if you buy in a "Targeted Area".

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.

SmartMove Connecticut

The SmartMove Connecticut program, provided by the nonprofit Housing Development Fund (HDF), provides low-interest loans at 3% interest (APR ranges from 3.42% to 4.74%) to assist eligible homebuyers. Acting as a second mortgage, this loan can reduce the down payment and closing costs to as little as 1% of the desired home's price. To qualify, you must meet income and purchase price criteria, collaborate with an approved lender, and finish homebuyer education.

Fairfield First Time Homebuyer Assistance Program

Fairfield provides a program supported by the Department of Housing and Urban Development.

Applicants with low incomes can get a zero-interest loan for a down payment of up to $30,000. This loan will be repaid upon refinancing or relocating. They can also get a grant of up to $2,500 to cover closing costs.

FHA Loans

FHA loans are great for first-time home buyers in Connecticut without a hefty down payment or extensive credit history. They require just 3.5% of the purchase price and accept credit scores as low as 580 or even 500 with a larger down payment.

VA Loans

These loans are available to qualifying service members, veterans, and eligible spouses, don’t need a down payment or a minimum credit score as they're backed by the Department of Veteran Affairs.

USDA Loans

Like VA Loans, they don’t require a down payment and may accept a credit score of 640 with USDA-approved lenders. They help first-time homebuyers in designated rural areas.

Good Neighbor Next Door program

The Good Neighbor Next Door program, funded by HUD, is open nationally to law enforcement officers, pre-K to 12th grade teachers, firefighters, and emergency medical technicians. It offers eligible homes in revitalization areas solely to these community members, allowing them to find single-family housing where they work.