Connecticut - Government Backed Loans

CHFA is a leader in housing finance in Connecticut. Over the past 38 years, CHFA has helped more than 109,000 families and individuals, purchase their first home and has provided financing for the construction and/or rehabilitation of more than 28,000 units of affordable rental housing for families and the elderly.

Refinance Programs

Rehabilitation Mortgage Loan Program

The Rehabilitation Mortgage Program may be used to refinance an existing home in order to make necessary home improvements or to finance the purchase of a home in need of repair. In the case of refinancing a home, the loan amount includes the funds needed to pay off the first mortgage as well as the cost of repairs.

Continue reading about Rehabilitation Mortgage Loan Program.

Section 8 Housing Choice Voucher Homeownership Program

Section 8 voucher holders are now able to make mortgage payments using their Section 8 payments.

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Purchase Programs

Homebuyer Mortgage Program

The Homebuyer Mortgage Program offers 30-year fixed-rate mortgage loans with lower than market interest rates. Low- to moderate-income, first-time homebuyers benefit from this program's affordable financing for single-family homes.

Continue reading about Homebuyer Mortgage Program.

Downpayment Assistance Program - DAP

This program offers homeownership opportunities to first-time homebuyers by providing assistance with downpayment and closing costs. DAP works in conjunction with a CHFA first mortgage. In order to be eligible for a DAP loan, homebuyers must have qualified for a first mortgage, and the DAP loan is secured by a second mortgage on the home.

Continue reading about DAP.

SmartMove Homeownership Fund Second Mortgage Program

In partnership with the Housing Development Fund, the CHFA offers the SmartMove program to low- to moderate-income first-time homebuyers who are purchasing a home in Fairfield County. A first mortgage is provided by the CHFA, with a second mortgage to cover the 20% downpayment cost provided by the Housing Development Fund. This second loan is a 20-year mortgage with a 3% interest rate.

Continue reading about the SmartMove Homeownership Fund Second Mortgage Program.

Homeownership Program

Available to tenants currently residing in public housing, this 30-year fixed-rate mortgage offers affordable financing and downpayment assistance to low-income families. All borrowers must attend a homebuyers education class in order to qualify.

Continue reading about the Homeownership Program.

Home of Your Own - HOYO

HOYO offers 30-year fixed-rate mortgage loans to first-time homebuyers with disabilities. Household income limits apply, and homeowners may be subject to a Federal Recapture Tax if he or she sells the home within 9 years of closing the loan.

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Military Homeownership Program

The Military Homeownership Program is designed to offer qualifying veterans affordable financing on existing and newly constructed single-family homes. Downpayment assistance in the form of a second mortgage is available through the State Downpayment Assistance Program.

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Mobile Manufactured Home Loan Program

First-time homebuyers looking to purchase either a single- or double-wide manufactured home located within one of the state's licensed mobile home parks are offered assistance through this program. The mortgage term starts at 15 years, with an option to become a 30-year loan if the home is valued accordingly. Up to 70% of the home's appraised value may be financed, or 70% of the purchase price, whichever is less.

Continue reading about the Mobile Manufactured Home Loan Program.

Police Homeownership Program

Local or state police officers are eligible for a low-interest rate mortgage for homes located within participating municipalities. These municipalities designate areas where they feel an increased police presence is necessary. This program can also be used in conjunction with the Downpayment Assitance Program, regardless of asset restrictions.

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Pilot Homeownership and Downpayment Assistance Program

The Pilot Homeownership Program is offered to assist first-time homebuyers looking to purchase a home within specified areas of Manchester. A reduced first mortgage interest rate is issued and to be used in conjunction with a forgivable second mortgage to assist with downpayment and closing costs.

Continue reading about the Pilot Homeownership Downpayment Assistance Program.

Teachers Mortgage Assistance Program

Connecticut certified teachers who are also first-time homeowners may be eligible for the Teacher Mortgage Assistance Program. A low-interest rate mortgage is offered to teachers in a priority or transitional school district. A Statement of Eligibility from the school district's superintendent where teachers work is required in order to qualify for the 30-year, fixed-rate first mortgage.

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Urban Rehabilitation Homeownership Program - UR

Those eligible for this program's loan include State and Municipal employees and private sector employees, if their employer agrees to contribute toward a downpayment or closing costs. Limited funding is available for this program, and only homes within the communities of Bridgeport, Hartford, New Haven, New London, Waterbury and the Town of Windham-City of Willimantic.

Continue reading about the Urban Rehabilitation Homeownership Program.