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Veterans Homeownership Pilot Program

Program Overview

The Veterans Homeownership Pilot Program offers a below-market rate for the first mortgage and a 0% interest rate for the Downpayment Assistance Loan to Veterans.  Funds for this program are limited and are available on a first-come, first-serve basis. The maximum loan amount for the 0% interest rate Downpayment Assistance Loan is $10,000.

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 through one of CHFA-approved participating lenders. (See, list of Participating Lenders near you.)

Follow the links below for more information regarding the Veterans Homeownership Pilot Program.     



Veterans Homeownership Pilot Program Interest Rates

The Veterans Homeownership Pilot Program is a Second Mortgage Downpayment Assistance Loan only.

    • The Downpayment  Assistance Loan rate : 0%
    • Fees: Additional fees may apply
    • Term: 30 years, fixed rate  

(The interest rate on the CHFA First Mortgage loan will be the rate published for the loan program selected at reservation)


Who can apply for a Veterans Homeownership Pilot Program loan?

The Veterans Homeownership Pilot Program loan offers home loans at below-market interest rates to eligible Veterans who are first-time homebuyers. Veterans who have owned homes before may also qualify for a loan under this program if they plan to purchase a home located in a targeted area.  (See, Targeted Areas.) Eligible borrowers must have incomes that meet the requirements of CHFA  income guidelines.


What types of property can you purchase with a Veterans Homeownership Pilot Program loan?

    • 1 unit homes
    • FHA, VA approved condominiums
    • Planned Unit Developments
    • 2-4 unit homes
      NOTE:  Co-ops are not permitted.

What else should you know about a Homebuyer Mortgage loan?

The Sales price limit cannot exceed the CHFA Sales Price limits established for the city/town where you are purchasing your home.

The loan must be used toward the purchase of a primary residence, which must be owner-occupied by the borrower.  Investment or vacation properties are not allowed. The following additional considerations and restrictions apply to Veterans Homeownership Pilot Program loans.


Homebuyer Education

All homebuyers applying for the Veterans Homeownership Pilot Program must attend a minimum of a 3-Hour Homebuyer Education Class and if purchasing a 2-4 family home must also attend a Landlord Class through a CHFA/HUD approved Counseling Agency.


What are the downpayment requirements?

The minimum down payment may vary depending on the Mortgage Insurer.  Your Participating Lender will determine the minimum down payment requirement for you.  The down payment loan is set at a 0% interest rate for a term of 30 years.  The VA Funding Fee and related closing costs may be funded by the 0% interest rate down payment loan established for the Veterans Homeownership Pilot Program.


How do you apply for a Homebuyer Mortgage loan?

To apply for a Veterans Homeownership Pilot 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.


Related Documents

The following documents are related to the Veterans Homeownership Pilot 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.

180 Veterans Statement -Due on Sale - 018-0296 Rev 4-15
This document, including relevant VA regulations, is signed by a U.S. Veteran-borrower and submitted with the loan application to acknowledge his/her risk of foreclosure should he/she sell the home after closing, to an unapproved buyer.

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 - Veterans Homeownership Pilot Program 6-16-14
Program helps veterans with financing of their first home. Also, Downpayment Assistance Program DAP loan at 0% interest up to $10,000 for downpayment and or closing costs. Funds limited and available on first-come, first-serve basis.
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