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Home of Your Own Program

Program Overview

The Home of Your Own (HOYO) Program offers home loans at below-market interest rates to people with disabilities who wish to purchase their first home.  Previous home owners might qualify for this loan if they intend to purchase property located in federally targeted areas that would benefit from an increase in homeownership.  

CHFA is committed to helping Connecticut residents achieve their dream of homeownership and values its partnership with the qualified lenders for this program.  Prospective borrowers may apply directly for a HOYO Program loan at their local CHFA-approved participating bank or mortgage company. (See, list of Participating Lenders near you.)

Follow the links below for more information regarding the Homebuyer Mortgage Program.  


Home of Your Own Program Interest Rates

Currently, the Home of Your Own Program is providing mortgages at the following rate:

    • Government Insured Interest Rate: 3.500%** (APR range 3.6 - 4%)
    • Non-Government Insured Interest Rate: 3.750%**(APR range 3.850% - 4.250%)
    • Fees: Additional fees may apply.
    • Term: 30 years, fixed rate

** Please note, this rate is subject to change and additional fees may apply.


Who can apply for a Home of Your Own Program loan?

First-time homebuyers with a disability can apply for this program.  Applicants must provide proof of their disability to their lender.  Disability can be established, for example, with documentation from a government agency like the Social Security Administration or the Department of Mental Retardation.  

Disabled persons who have owned a home previously may also apply if they plan to purchase a home located in one of 18 designated areas in Connecticut targeted for revitalization. (See, Targeted Areas.)  


  • Who are considered first-time homebuyers?  
    First-time homebuyers are those who have never purchased a home before or have not had an ownership interest in a principal residence for the past three years.
  • What are the income guidelines to qualify for this loan?
    Under the HOYO program, an applicant’s annual, before-tax household income must not exceed CHFA’s "Statewide" income limits. Household income is based on household size. (see top section of "Income and Sales Price Limits" chart).  

    The CHFA income limits do not apply for homes purchased in targeted areas, unless the applicant also borrows a loan under the Downpayment Assistance Program.


What types of property can you purchase with a Home of Your Own Program loan?

The Home of Your Own Program requires that loan applicants purchase homes that meet specific property and sales price guidelines. 

  • Property Guidelines:

    In order to qualify for this program, the applicant must use the loan to purchase a home in which he or she will reside year-round.  The applicant may not use the loan to purchase recreational, vacation, investment, commercial or rental properties. No part of the purchased property may be designed for commercial purposes.  

    In addition, the property must meet one of the definitions listed below:

    • Existing and new single-family homes, townhouses and Planned Unit Developments
    • Newly constructed homes that meet FHA’s energy efficiency standards (Ask your Participating Lender for more information.)
    • Two- to four-family homes that have been used as residences for the past five years or newly constructed, two-family homes in a Targeted Area 
    • Mobile homes that meet FHA guidelines.
  • Sales Price Guidelines:
    In order to qualify for this program, the purchase price of a home must not exceed the CHFA sales price limit established for the specific city or town in the state where the property is located.  (See, the CHFA sales price limits.)


What else should you know about a Home of Your Own Program loan? 

The following additional considerations and restrictions apply to Home of Your Own Program loans.

  • You may qualify for help with your down payment and closing costs.
    For those who lack sufficient funds to cover the upfront expenses associated with purchasing a home, CHFA offers assistance to qualified borrowers through the Downpayment Assistance Program (DAP).   

    Borrowers under the Home of Your Own Program may qualify for a reduced interest rate on a DAP loan.  

    Please note:  A down payment of at least 3.5 % of the purchase price of the home is typically required by the mortgage insurer.  

  • Mortgage insurance may be required.
    Loans originated under government program types must be insured by the Federal Housing Administration (FHA), the Veterans Administration, or the USDA Rural Development.  

    Conventional Loans are originated under the CHFA HFA Preferred loan program.  These mortgages, if originated with Loan to Value (LTV) ratios > 80%,  must be insured by Private Mortgage Insurance (PMI).   

    Mortgage insurance is not required when a borrower makes a down payment of at least 20% of the total purchase price of the home.  These loans are originated under the CHFA HFA Preferred tm Uninsured Loan Program.  

  • You may be required to pay a special federal tax if you sell your home within nine years.
    Under rare circumstances, CHFA mortgage loans may be subject to the Federal Recapture Tax at the time the property is sold.  The tax might apply if a borrower sells his or her home within nine years of the purchase date, makes a profit on the sale and has an income that exceeds federal recapture tax limits at the time of the sale.  You may be eligible to receive reimbursement from CHFA if you are required to make the Federal Recapture Tax payment.
  • You will need to complete a homebuyer education class.
    Prospective borrowers under the Home of Your Own Program are required to attend a free three-hour, homebuyer education class prior to closing the loan. Classes are held at several locations in the state each month. (See, homebuyer education class schedule.)


How do you apply for a Home of Your Own Program loan?

To apply for a Home of Your Own Program loan, a prospective borrower should contact one of CHFA’s Participating Lenders for guidance through the loan application process.  

Generally, the time from applying for the loan to closing the sale of the property is six to eight weeks.


Questions? Contact CHFA. 

Prospective borrowers should first contact their lender for information on this loan program.  For additional assistance, borrowers may contact CHFA’s single family underwriting department.

Phone:     (860) 571-3502
Fax:(860) 571-3550

Mailing Address:
Attn: Single Family Underwriting
999 West Street
Rocky Hill, CT 06067-4005


Additional Information

The following documents are related to the Home of Your Own Program.  To open and view the document, click on the document title. 

Related Documents Found: 10  matches     Displaying: 1 - 10 
018 Borrower Signature Affidavit 014-0718 8-2017
This form must be completed by all borrowers executing closing documents on CHFA first and second mortgage loans. Form must be included in all loan closing packages delivered to CHFA loan servicers on and after September 4, 2017.

059 Income and Sales Price Limits - 064-0308 Rev 6-2017r
This manual provides information regarding the CHFA Loan Programs available with underwriting overlays, credit scores, applicable servicers and more.

Counseling Class Online - Homebuyer Registration Instructions Rev 1-3-18
Homebuyer Instructions for registering for the "Free" CHFA Online Homebuyer Education offered thru eHome America.

Counseling Class Online - Lender Registration Instructions Rev 8-16
Lender Instructions for obtaining a loan origination system (LOS) "coupon code" for CHFA borrowers to use in registering for "Free of Charge" Online Homebuyer Counseling thru CHFA ehome America website.

Counseling Class Schedule - 8 Hour Pre-Purchase Education Class - 1Q 2018
This chart list the 1st quarter class schedules for the Pre-Purchase Education classes. These classes are available to prospective homebuyers.

Counseling Class Schedule - 3 Hour Pre-Closing Education Class - 1Q 2018
This chart lists the 1st quarter schedules for the Pre-Closing Homebuyer Education classes. These classes are available to homebuyers who have a reservation loan number for a CHFA loan.

Counseling Class Schedule - Financial Fitness - 1Q 2018
This chart list the 1st quarter Financial Fitness couseling available to homeowners and homebuyers. This program is required for clients accepted into the Mortgage Crisis Job Training Program and is available to other clients.

Counseling Class Schedule - Landlord Class - 1Q 2018
This chart list the 1st quarter schedules for the Landlord Education classes. This class is required for the purchase of a 2-to-4 family home financed by CHFA. It is also available to any potential 2-to-4 family homeowner.

Program Brochure - Home of Your Own Mortgage Program (Spanish) 7-3-14
This brochure provides an overview of the CHFA Home of Your Own Program.

Program Brochure - Home of Your Own Mortgage Program 7-3-14
This brochure provides an overview of the Home of Your Own Program.
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