Connecticut Housing Finance Agency Mortgage Mortgages for Military, Police and Teachers

by Iola Bonggay on December 25, 2011

The Connecticut Housing Finance Authority, also known as CHFA, is a self-supporting quasi-public housing agency operating within the State of Connecticut. The agency was at first made in the year 1969 in an attempt to eliminate the issues regarding the shortage or inadequate supply of cost-effective housing opportunities for Connecticut’s low- and moderate-income families and people.

At the moment the home buying programs of the CHFA are continually geared towards the awareness of its mission which is to “help alleviate the shortage of cheap housing for low- and moderate-income families and persons in Connecticut, and when suitable, to market or maintain the industrial development of the State through employer-assisted housing efforts.”

In line with this mission, the Connecticut Housing Finance Agency has established the Mortgage Programs for Military, Police and Teachers in order to provide reasonable housing occasions to vets and active duty service members of the United States Military, the National Guard, with teachers and cops who are assigned in under-served areas.

Military Homeownership Program

The Military Homeownership Program is a housing loan programme that is specially designed for first time homebuyers who are veterans, Active Duty, or National Guard service men of the US Military.

Policemen Homeownership Programme

The Policemen Homeownership Programme is a housing loan programme that’s intended for cops in an attempt to give them some encouragement to purchase a place in an area where they work. Initially, the programme was solely intended for first time home purchasers, but currently it’s now open to non-first time homebuyers who wish to buy a home in a concentrated area. The borrowers who are qualified to participate in this program are municipal and state coppers who are planning to get a home in a delegated area of a participating town.

Teacher’s Mortgage Assistance Program

The Teacher’s Mortgage Assistance Programme is housing loan program offering home loans at below-market interest rates to first time home purchasers who are public college and vocational-technical teachers. Though this program is primarily for first time home purchasers only, it can make an exception for non-first time house purchasers who wish to get a home in a focused area. The participating towns anc cities under this programme are the following: Ansonia, Bridgeport, Danbury, East Hartford, Hartford, Meriden, New Britain, New Haven, New London, Norwalk, Norwich, Stamford, Waterbury, and Windham.

All the programs above provide a reasonable interest rate at 3.250%** (APR range 3.35 – 3.75%), and a long-term mortgage repayment schedule lasting up to 30 years with fixed rate of interest.

Iola Bonggay is an editor at TopGovernmentGrants. She maintains one the most comprehensive Websites that provide information on government grants and central government programs.She also provides resources to other Sites with information on community grants and health grants.

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