Downpayment Assistance Program for First Time Homebuyers in Connecticut

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 thoroughly designed to contribute to the realisation of its mission which is to “help alleviate the dearth of reasonable housing for low- and moderate-income families and people in Connecticut, and when appropriate, to plug or maintain the industrial development of the State through employer-assisted housing efforts.” With this, the Connecticut Housing Finance Authority has been running the Downpayment Assistance Programme to financially aid first time home purchasers in the process of covering the downpayment and closing costs of buying a home.

The CFHA recognizes the incontrovertible fact the mostly, the most obvious hurdle in the process of purchasing a new home is the buyer’s incapability to cover the initial expenses like the downpayment and closing costs. With this, the CHFA is offering the Downpayment Assistance programme in order to help address this concern. The programme can be employed in concurrence a number of other homebuyer programs offered by the CHFA. The minimum quantity of that can be offered by the programme is $3,000 while the maximum is 25% of the particular cost of the property in sharp focus.

So as to qualify for the programme, a borrower must satisfy the suitability requirements set by the CHFA: 1) Must be a First time home buyer (someone who hasn’t occupied or owned a home for last 3 years 2) Must be a home buyer (apart from first time home purchasers) who is preparing to acquire a home in a focused area 3) Must be a home buyer whose earnings does not surpass the limits set by CHFA 4) Must be a home buyer who has a good credit rating and credit history 5) Must be a house buyers with a stable job and satisfactory revenue that would cover long-term home loan payments 6) Must be a home buyer who can afford to pay the $200 program application fee 7) Must be a home buyer 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 She maintains Websites providing resources on grants for small business and civic engagement grants.

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