OLR Report 2015-R-0054 describes the state’s homebuyer financial assistance programs.
The state, through the Connecticut Housing Finance Authority (CHFA), administers 13 financial assistance programs for homebuyers. These programs offer mortgages at below-market interest rates to homebuyers; interest rates vary among programs and with market changes. Some programs, such as the HFA Preferred Loan Program and Downpayment Assistance Program, also provide reduced mortgage insurance premiums or downpayment assistance. Eligible buyers can use the programs to finance the purchase of one-to-four family residences and units in certain condominium complexes and planned unit developments. Generally, to participate in CHFA homebuyer programs, an individual must meet certain income and sales price limits and (1) be a first-time buyer or (2) purchase a house in an area targeted for revitalization. Some of the programs are open only to certain populations, for example people with disabilities, public housing tenants, or veterans.
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