First time home buyer? Low income? No problem! If you want to buy a house with low income in Connecticut, there is help available to you! There are many programs that will assist you with tax reductions, down payment assistance and so much more!
Connecticut Housing Finance Authority offers some special loan programs for first time homebuyers in CT.
Connecticut Housing Finance Authority offers mortgage solutions for low income families. These mortgages have below-market interest rates and are designed for first-time homebuyers or those who have not owned a home within the last three years. To qualify, you must meet certain income limits and buy a home that meets certain purchase price limits OR purchase a home in a Targeted Area.
HFA Advantage and HFA Preferred loans help you save money on mortgage insurance! There is no upfront mortgage insurance costs and a lower monthly mortgage insurance cost with these programs. You don’t have to continue paying mortgage insurance after you reach 20% equity in your home!
Homebuyer Mortgage Program provides below-market interest rates, down payment assistance and more! You can even use this program without meeting the income and sales price limits if you purchase in certain areas.
With the HFA Advantage, HFA PReferred and HMP programs, you may automatically qualify for a $3,000 low-interest down payment assistance loan.
Down Payment Assistance Program (DAP) loans empower you to purchase a home for zero percent down! These low-interest second mortgages provide financing for your down payment costs. You must borrow at least $3,000 from this program. You may be able to borrow up to 3.5% of the home’s purchase price!
Mobile Home Mortgage Program provides special financing for mobile homes in state-licensed mobile parks. These loans are provided at low interest rates and have low closing costs. To qualify, the mobile home must be affixed to a permanent foundation and must be a year-round home.
CHFA offers a 0.125% discount on published interest rates for borrowers who meet at least one of the following criteria:
- Military or Veteran
- State Trooper or Police Officer
- Teachers in certain subjects or districts
- Disabled (or have a disabled household member)
- Resident of public housing who is buying a home
Housing Development Fund also helps first time homebuyers in CT.
Live Where You Work provides zero interest down payment assistance for first time homebuyers who are purchasing a home in the same city where they work. You can receive up to $20,000 from this program!
Project Reinvest: Homeownership provides zero interest down payment assistance for buyers in Connecticut and New York! You can receive up to $10,500 from this program.
Smart Move CT provides low interest down payment assistance for up to 20 percent of the home’s purchase price.
Statewide Downpayment Assistance Programs provide up to $25,000 in down payment assistance for first time homebuyers in CT!
Local cities and counties also offer down payment assistance and other programs for first time homebuyers in CT.
Bridgeport seems to provide some sort of down payment assistance program, according to the city website. I have reached out to city officials for more information and will update this post when I receive a reply.
Fairfield provides up to $30,000 toward your home purchase through a no-interest, deferred loan! You only have to replay this when you sell, refinance or transfer the property. If you die, it will be repaid out of your estate.
The city also provides up to $2,500 in a closing costs grant to assist with the cost of appraisals and other prepaid expenses.
Hamden provides a grant of up to $5,000 to assist with your down payment.
Hartford provides up $40,000 in down payment assistance! The amount you are awarded cannot exceed 20% of the home’s purchase price.
New Haven encourages teachers to move to the area with the New Haven Teacher’s Fund. This program provides $20,000-$40,000 toward the purchase of a home. This loan is a zero-interest, deferred loan that does not have to be repaid until the house is sold, transferred or refinanced. To qualify, you must meet these requirements.
Norwalk maintains a list of special affordable homes. These homes can only be purchased by low income buyers who meet the income requirements.
Stamford provides the HOME program, administered by HDF. This program provides interest-free loans of up to $20,000 toward your home purchase in Stamford, Connecticut.
Washington provides up to $10,000 in down payment assistance. This loan carries zero interest and is available to first time homebuyers who are purchasing their home in Washington, Connecticut.