2015 First Time Home Buyer Programs for Connecticut Veterans Homeownership Pilot Program Funds for the Veterans Homeownership Pilot Program are limited and available at a first come first serve basis. The program offers a below market rate for the first mortgage and a 0 percent second loan for the down payment assistance. Qualified buyers in Connecticut may apply. Connecticut Downpayment Assistance Program Connecticut Downpayment Assistance Program borrowers can also apply for down payment assistance in the form of a second mortgage loan of at least $3,000, but may not exceed 25 percent of the purchase price. Applicants must put at least $10,000 towards a down payment unless otherwise noted. There is a $200 application fee for this assistance. Qualified buyers in Connecticut may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Teachers Mortgage Assistance Program Teachers Mortgage Assistance Program is a 30 year fixed rate loan at below market rates (with the additional option of down payment assistance) encourages teachers to live where they work. Certified public school teachers or certified regional vocational technical teachers in Connecticut that are at least part time employees can apply. Due to teacher shortages, there are more elaborate exceptions to eligibility rules which are being honored until June 2015. Qualified buyers in Connecticut may apply. Military Homeownership Program Military Homeownership Program is a first time homebuyer program offering below market rates to veterans, active duty, National Guard, unmarried surviving spouses or civil union partners of eligible veterans who died as a result of military service. Other exceptions may be included, contact a state housing representative for more details. Military Homeownership Program can be combined with the Downpayment Assistance Program. Qualified buyers in Connecticut may apply. HFA Preferred Loan Program HFA Preferred Loan Program is a first time homebuyer program offering below market 30 year, fixed rate loans with low mortgage insurance costs. Borrowers must have mortgage insurance, must meet the income and purchase price guidelines, and the program cannot be paired with any other mortgage program offered by the state. Qualified buyers in Connecticut may apply. Homebuyer Mortgage Program Homebuyer Mortgage Program is dedicated to first time homebuyers, Connecticut offers below market interest rates on 30 year fixed rate mortgage loans, through state select lenders. Qualified buyers in Connecticut may
Home of Your Own Program Home of Your Own Program is designed to create housing opportunities for first time homebuyers with disabilities by offering below market rates. In order to qualify for a loan, a borrower will need to present documentation from a government agency confirming their disability to a lender, and they must fall within income and purchase price limits. Borrowers can also apply for the Downpayment Assistance Program is they qualify. Qualified buyers in Connecticut may apply. Police Homeownership Program The Police Homeownership Program encourages police officers to live in the communities where they work by offering below market interest rates. The program is primarily designed to benefit police officers who are first time homebuyers; however, areas with an increased need for police personnel may make exceptions. Qualified borrowers of the Police Homeownership Program automatically qualify for a DAP loan without regard to their assets or household savings. Qualified buyers in Connecticut may apply. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
To apply visit http://buyerprograms.net/connecticut