Options include a discounted interest rate mortgage or Veteran’s Downpayment Assistance Program
Rocky Hill, Conn. – July 2, 2015 – (RealEstateRama) — In appreciation and recognition for the service of Connecticut military families, CHFA has two programs designed to help the men and women who serve, and their families, realize the dream of owning their first home.
For military personnel and veterans, CHFA offers an additional .125 percent discount on its already below-market interest rate mortgages. The program is for first-time homebuyers, which includes those who have not owned a home in the last three years. Since 2001, more than 420 military personnel and veterans have taken advantage of this program to purchase their homes.
Last year, CHFA added a special Veteran’s Homeownership Pilot Program (VHPP). This down payment assistance program is available to veterans who are first-time homebuyers and interest rate is 0 percent for up to $10,000. The two programs cannot be combined, and the VHPP must be combined with a traditional CHFA mortgage loan.
“Saving enough for the down payment and closing costs is often the biggest obstacle to homeownership and the VHPP offers a solution,” said Norbert Deslauriers, Interim Executive Vice President of CHFA. “It is CHFA’s way of expressing our appreciation for their service.”
CHFA has more than 100 participating lenders who can assist potential homebuyers with a discounted mortgage or the veteran’s down payment program. Applicants must meet CHFA’s income limits and the house they plan to purchase must be within sales price guidelines. Although this program is designed for first-time homebuyers, those who have owned a home may be eligible if they purchase a home in a federally targeted area.
For more information in English, please log onto www.chfa.org, join CHFA on Facebook at Connecticut Housing Finance Authority and follow us on Twitter @CHFA_RockyHill. For more information in Spanish, please log onto www.hogarchfa.org, and join on Facebook
