Homebuyer Mortgage Program
Homebuyer Mortgages are 30-year, fixed rate loans, carrying aninterest rate below comparable market rates. Funds are availableon a continuous basis, year-round.
Mortgages are originated and serviced by over 80 participating lenders (banks and mortgage companies) statewide.
Eligible Borrowers
Homebuyer Mortgages are available to first time homebuyers with low or moderate incomes who are buying moderately priced homeswithin CHFA sales price limits or persons who have not had anownership interest in a home for the previous 3 years. Prior homeowners may qualify for a mortgage if the home they purchase is within atargeted area. Household income limits, which vary by town, applyto all borrowers with one exception: In targeted areas, over incomelimit households may still apply for CHFA financing without regard to the income limits.
Eligible Properties
The Homebuyer Mortgage loan may be used to purchase an existing one- to four-family home, a newly constructed single family home, or a newly constructed two-family home in a targeted area. Eligible condominiums and qualified mobile homes may also be financed. Maximum sales limits have been established for each county, withexceptions for some individual towns.
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
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