Connecticut Down Payment Assistance Programs

Connecticut Down Payment Assistance Programs

With several Connecticut down payment assistance programs offered, there may be funds to help get into a home now. Perhaps you thought you would have to wait to save up money but you may be able to get it all in motion right now thanks to such programs.

The Connecticut Housing Finance Authority is the most common entity where buyers quality for money for down payment assistance. This program not only can help with the down payment, it can also assist with the closing costs. This program is for anyone that qualifies for a CHFA loan.

The funds can be used to pay for the down payment and closing costs up to 5% of the purchase price or the appraisal price. The cap is based on the lower of those two amounts. This is a second mortgage that is added on to the end of the first mortgage. You don’t pay it at the same time. This is the most common of the Connecticut down payment assistance programs.

Housing Development Fund, Inc. may be an option. However, this Connecticut down payment assistance program is limited to certain counties. They include Litchfield, New Haven, and Fairfield. This program is only offered to first time buyers or those that have not owned a home in the previous 3 years. Applicants must meet income and credit score requirements. The income amounts depend on number of people in the family and the county where the home is.

The U.S. Department of Agriculture Rural Housing offers assistance for those buying a home in a rural area of Connecticut. This is a grant program that can offer up to $7,500 for down payment and closing costs. The requirements can be very strict but it is still a good program to look at. Find a lender that can assist you with the requirements of this particular Connecticut down payment assistance program.

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No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

Connecticut Down Payment Assistance Programs

Down payment Assistance Program This Connecticut down payment program Connecticut borrowers can also apply for Connecticut down payment assistance in the form of a second mortgage loan of at least $3,000, but may not exceed 25 percent of the purchase price. Applicants must put at least $10,000 towards a Connecticut down payment unless otherwise noted. There is a $200 application fee for this assistance.

Teachers Mortgage Assistance Program This Connecticut down payment program is a 30 year fixed rate loan at below market rates (with the additional option of Connecticut down payment assistance) encourages teachers to live where they work. Certified public school teachers or certified regional vocational technical teachers in Connecticut that are at least part time employees can apply. Due to teacher shortages, there are more elaborate exceptions to eligibility rules which are being honored until June 2015.

Veterans Homeownership Pilot Program Funds for the Veterans Home ownership Pilot Program are limited and available at a first come first serve basis. The program offers a below market rate for the first mortgage and a 0 percent second loan for the Connecticut down payment assistance.


HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Connecticut Housing Agencies

Connecticut housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.