Some of the key features of Homeownership Program is its fairly low interest rate which is equivalent to Interest rate: 3.250%** (APR range 3.35 - 3.75%), and its reasonable fixed mortgage repayment plan that could last up to 30 years.
In order to be deemed eligible to submit an application under the program, a borrower must satisfy the following eligibility requirements:
1) First time homebuyers tenants who meet the minimum credit, income, and employment criteria
2) Tenants who are presently receiving assistance under the Section 8 Rental Assistance Program, the Department of Developmental Services or the State Moderate Rental Program
3) Tenants residing in properties managed by the CHFA or a municipal housing authority
4) Tenants residing in CHFA-financed rental properties
5) Tenants residing in HUD-subsidized housing
In addition, the types of properties that covered under the Homeownership Program are limited to the following:
1) Existing and new single-family homes, townhouses and Planned Unit Developments
2) Newly built homes that meet the energy efficiency standards that are set by the Federal Housing Authority
3) Condominiums that are approved by the CHFA
4) Two- to four-family homes which have been utilized as residences for the past five years or newly constructed two-family homes that is located in a Targeted Area
5) Selected mobile homes that meet the criteria of the CHFA.
If you are an interested borrower and you wish to find out more about this progra, you can visit CHFA's official website at www.chfa.org.
First Time Homebuyer Programs in Connecticut
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About The Author
Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs.
Adam Braun, founder of Pencils of Promise, is giving nonprofits a no-nonsense way to bring entrepreneurship to the next level. Pencils of Promise is a philanthropic organization that focuses on forming sustainable educational programs, and forging long-lasting, partnerships with communities. The organization aims to increase access to quality education and impact students and their families in high-need communities throughout Laos, Ghana and Guatemala.