Downpayment Assistance Program for First Time House Buyers in Connecticut

by Iola Bonggay on January 13, 2012

The Connecticut Housing Finance Authority, otherwise called as CHFA, is an independent quasi-public housing agency in the state of Connecticut that was established in the year 1969 to attempt to alleviate or totally eradicate the difficulties re the dearth or insufficient supply of reasonable housing opportunities for Connecticut’s low- and moderate-income families and people.

The programs of the CHFA are totally designed to make a contribution to the awareness of its mission which is to “help relieve the lack of affordable housing for low- and moderate-income families and folks in Connecticut, and when acceptable, to push or maintain the economic development of the state thru employer-assisted housing efforts.”

With this, the Connecticut Housing Finance Authority has been running the Downpayment Assistance Program so as to financially help first time house buyers in the midst of covering the downpayment and closing costs of getting a home.

The CFHA recognizes the plain fact the in most situations, the most clear hurdle in the midst of buying a new home is the buyer’s inability to cover the upfront costs eg the downpayment and closing costs.

With this, the CHFA is offering the Downpayment Assistance program so as to help address this concern. The program may be employed in connection several other homebuyer programmes offered by the CHFA.

The minimum amount of that may be supplied by the program is $3,000 while the maximum is 25% of the actual price of the property in focus.

To qualify for the program, a borrower must satisfy the eligibility wants set by the CHFA:

1) Must be a 1st time homebuyer (someone who has not occupied or owned a home for last three years

2) Must be a homebuyer (except for first time house buyers) who is intending to procure a home in a specific area

3) Must be a homebuyer whose income doesn't exceed the limits set by CHFA

4) Must be a homebuyer who has a good credit rating and credit history

5) Must be a homebuyers with a stable job and sufficient earnings that would cover long-term mortgage payments

6) Must be a homebuyer who can afford to pay the $200 programme application charge

7) Must be a homebuyer who is willing to take part in a free 3-hour homebuyer education class before closing on the loan.

If you wish to read up about the Downpayment Assistance Programme, you may visit the CHFA’s official web site, send an e-mail to the CHFA’s single family underwriting dep., or contact the CHFA head office.

Iola Bonggay is an editor of one the the most comprehensive Websites offering information on government grants and federal government programs.
She also maintains Websites providing resources on grants for youth programs and home improvement grants.

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