Homeownership Program for First Time Home Seekers in Connecticut

April 26, 2012 sarah Fitness

The Connecticut Housing Finance Authority, otherwise known as CHFA, is a self-supporting quasi-public housing agency operating in the State of Connecticut. The agency was established in the year 1969 to try to address the worries concerning the lack or inadequate supply of cheap housing opportunities for Connecticut’s low- and moderate-income families and people.

Other states offer similar programs visit first time home buyer programs in Colorado to check out these opportunities.

The grants and programs of the CHFA are directed at the recurring awareness of its mission which is to”help diminish the lack of cheap housing for low- and moderate-income families and people in Connecticut, and when appropriate, to promote or maintain the industrial development of the state by way of employer-assisted housing efforts.”

In line with this mission, the Connecticut Housing Finance Agency has established the Homeownership Programme wherein it means to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who would like to transition from leasing into homeownership.

The initial target market of the program are tenants who’ve not yet owned a home before, but in most instances, the agency will make an exception for tenants who have formerly owned a home before but wish to obtain a new home in a targeted area.

Some of the important features of Homeownership Programme is its reasonably low interest rate which is identical to Interest rate: 3.250%** (APR range 3.35 – 3.75%), and its reasonable fixed mortgage repayment schedule that could last up to 30 years.

In addition to first time home buyer assistance many states provide assistance to people investigating small business, for example visit small business grants in Texas for opportunities in that state.

So as to be deemed able to submit an application under the program, a borrower must satisfy the following eligibility requirements:

1) First time house purchasers tenants who meet the minimum credit, income, and employment factors

2) Renters who are presently receiving help under the Section 8 Rental Assistance Programme, the Department of Development Services or the State Moderate Rental Program

3) Tenants residing in properties managed by the CHFA or a city housing authority

4) Renters resident in CHFA-financed rental properties

5) Renters resident in HUD-subsidized housing

In addition, the types of properties that covered under the Homeownership Programme are limited to the following:

1) Existing and new single-family houses, townhouses and Planned Unit Developments

2) Just built homes that meet the energy conservation standards that are set by the Federal Housing Authority

3) Condos that are accepted by the CHFA

4) Two- to four-family homes which have been utilized as residences for the last five years or newly constructed two-family houses that’s found in a Targeted Area

5) Selected mobile homes that meet the factors of the CHFA.

If you’re an interested borrower and you wish to discover more about this progra, you can visit CHFA’s official website at www.chfa.org.

In addition to first time home buyer assistance many states provide assistance to people seeking to build or expand a small business, you can get information on small business grants and financing in Maryland.

Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on govt grants and government programs.

He also maintains Websites providing resources on grants for youth programs and home improvement grants.