Homeownership Program for First Time Homebuyers in Connecticut

by: Michael Saunders

The Connecticut Housing Finance Authority, otherwise known as CHFA, is a self-supporting quasi-public housing agency operating within the State of Connecticut. The agency was established in the year 1969 in an effort to address the concerns regarding the lack or insufficient supply of affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.

The programs of the CHFA are aimed at the constant realization of its mission which is to "help alleviate the shortage of affordable housing for low- and moderate-income families and persons in Connecticut, and when appropriate, to promote or maintain the economic development of the State through employer-assisted housing efforts."

In line with this mission, the Connecticut Housing Finance Agency has established the Homeownership Program wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who wish to transition from renting into homeownership.

The initial target market of the program are tenants who have not yet owned a home before, but in most instances, the agency will make an exception for tenants who have previously owned a home before but want to acquire a new home in a targeted area.

Some of the key features of Homeownership Program is its fairly low interest rate which is equivalent to Interest rate: 3.250%** (APR range 3.35 - 3.75%), and its reasonable fixed mortgage repayment plan that could last up to 30 years.

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Homeownership Program for First Time Homebuyers in Connecticut
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About The Author Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. He also maintains Websites providing resources on grants for youth programs and home improvement grants.

Additional Resources

category - Home Buying Programs

Homebuyer Mortgage Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Authority has been administering the Homebuyer Mortgage Program for First Time Homebuyers. The program is capable of offering home loans and below-market interest rates to first time homebuyers who reside in Connecticut and who are planning to acquire a property that is located in Connecticut.

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First Time Homebuyer Programs in Maine
The first time homebuyer programs of MaineHousing are all especially designed to contribute to the achievement of its primary agency mission which is to "assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs."

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Connecticut Housing Finance Agency Mortgage Programs for Military, Police and Teachers
The Connecticut Housing Finance Agency has established the Mortgage Programs for Military, Police and Teachers so as to provide reasonable housing opportunities to veterans and active duty service members of the United States Military, the National Guard, along with teachers and police officers who are assigned in under-served areas.

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