Military Homeownership Program

Eligibility Requirements

• To qualify for the Military Homeownership Program, borrowers must be     serving in the U.S. military whether Active Duty, Guard or Reserve or be a     veteran who served in the U.S. Armed Forces. (A veteran is defined as a     person who served in the U.S. Armed Forces, and who was discharged or     released under conditions other than dishonorable.)

• Unmarried surviving spouses or civil union partners of eligible veterans who    died as a result of military service or service-connected disabilities may also    be eligible for the Military Homeownership Program.

• CHFA requires that borrowers be a first-time homebuyer* or have not had an     ownership interest in a principal residence for the past three years.

* Pursuant to federal law, Tax Relief and Health Care Act of 2006, CHFA is offering the Military Homeownership Program to veterans who have never previously received a mortgage financed with a Mortgage Revenue Bond to be exempt from the first-time homebuyer requirement and may purchase a home anywhere in the State. This exemption can only be used once. NOTE: The first-time homebuyer requirement exemption is available for a limited time. Please check with your lender as to the availability of this exemption.

Owner Occupancy Exception

If a borrower who has a Military Homeownership loan is called to active duty either overseas or to another part of the country, CHFA will allow the borrower to rent out his/her home until the borrower returns from borrower’s assignment. Prior approval must be obtained from CHFA. A letter requesting permission to rent out the borrower’s home must be sent to the attention of Finance Department, CHFA, 999 West Street, Rocky Hill, CT 06067.

Loan Terms (First Mortgage)

• CHFA provides a 30-year, fixed rate mortgage loan.
• Click here for Current Interest Rate. (This rate is subject to change.)
• An origination fee of one point (one percent of the loan amount) is charged.
• You will be qualified by a CHFA Participating Lender for a mortgage based on     CHFA guidelines that include credit, income and employment history.
• Household income limits under this program are set at
   $81,000 for one to two-person households and $93,150 for
    three or more in household.

Eligible Properties

CHFA mortgage programs offer financing of existing and newly
constructed single family homes, existing two- to four-family
homes, eligible condominiums, and newly constructed two-family
homes in targeted areas. The sales price limits established for the
CHFA Homebuyer Mortgage Program apply.

More Military Homeownership Program