The Connecticut Housing Finance Authority, otherwise known as CHFA, is a self-supporting quasi-public housing agency operating in the State of Connecticut. The agency was established in the year 1969 in an attempt to deal with the worries regarding the dearth or insufficient supply of cost-effective housing opportunities for Connecticut’s low- and moderate-income families and people.
Other states offer similar programs visit first time home buyer programs in Mississippi to find these opportunities.
The grants and programs of the CHFA are targeted at the recurring awareness of its mission which is to”help ease the dearth of affordable housing for low- and moderate-income families and people in Connecticut, and when appropriate, to promote or maintain the economic development of the State by way of employer-assisted housing efforts.”
In line with this mission, the Connecticut Housing Finance Agency has established the Homeownership Program wherein it means to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who would like to transition from renting into homeownership.
The original target audience of the program are renters who haven’t yet owned a home before, but in most instances, the agency will make an exception for tenants who’ve previously owned a home before but wish to get a new home in a concentrated area.
Some of the main features of Homeownership Program is its fairly low rate which is equivalent to Interest rate: 3.250%** (APR range 3.35 – 3.75%), and its reasonable fixed mortgage repayment schedule that could last 30 years.
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So as to be deemed eligible to submit an application under the program, a borrower must satisfy the following suitability requirements:
1) First time house buyers tenants who meet the minimum credit, revenue, and employment factors
2) Renters who are presently receiving assistance under the Section 8 Rental Assistance Program, the Department of Development Services or the State Moderate Rental Program
3) Tenants living in properties managed by the CHFA or a civic housing authority
4) Tenants living in CHFA-financed rental properties
5) Tenants living in HUD-subsidized housing
Additionally, the kinds of properties that covered under the Homeownership Program are restricted to the following:
1) Existing and new single-family houses, townhouses and Planned Unit Developments
2) Newly built houses 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 houses which have been employed as places for the last five years or just made two-family houses that is found in a Targeted Area
5) Selected mobile houses that meet the factors of the CHFA.
If you’re an interested borrower and you would like to discover more about this progra, you may visit CHFA’s official website at www.chfa.org.
In addition to first time home buyer assistance many states provide assistance to people investigating finance opportunities for a small business, you can get information on small business grants and financing in Missouri.
Michael Saunders is an editor of TopGovernmentGrants.com one the the most complete Websites offering information on government grants and federal government programs.
He also maintains Web sites providing resources on grants for youth programs and home improvement grants.