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

First Time Homebuyer Programs in New Hampshire
The State of New Hampshire gives great importance to the welfare and safety of its people. One of the ways of showing this is through the establishment of the New Hampshire Housing Finance Authority, which is specially designed to assist low to moderate income residents of New Hampshire in the process of procuring safe and affordable housing opportunities.

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How to Get a Government Home Loan with Low or Moderate Income
The government provides loans to those individuals who have low to moderate income for permanent residence in rural areas. To qualify for these government loans is not that hard and the restrictions ...

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First Time Homebuyer Programs in Virginia
In 1972, the Commonwealth of Virginia has constituted the establishment of the Virginia Housing Development Authority in an effort to respond to the needs of Virginians who seek quality, affordable housing.

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California Housing Finance Agency
The California Housing Finance Agency, otherwise known as CalHFA, is an independent, self-supporting agency that was chartered to as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds; with these bonds being repaid by revenues generated through mortgage loans, instead of taxpayer dollars.

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