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Teachers Mortgage Assistance
Program
Program Overview
The Teachers Mortgage Assistance
Program offers home loans at
below-market interest rates to
Connecticut public school and
vocational-technical teachers who
are first-time homebuyers. Previous
home owners also may qualify for
this loan if they purchase a home in
a federally
targeted area that would
benefit from an increase in home
ownership.
This program is designed
to encourage teachers to live and
teach in challenged communities that
have been designated by the state as
priority or transitional school
districts. It is also designed to
support teachers with specific
academic certifications in
subject
matter shortage areas to relocate,
if they desire, to any Connecticut
school district that is
under-staffed in their subject.
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 Teachers Mortgage
Assistance 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
Teachers Mortgage Assistance Program .
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Teachers Mortgage Assistance Program Interest Rates
Currently, the Teachers Mortgage
Assistance Program is providing mortgages at the
following rate:
- Interest rate: 3.125%** (APR range 3.225 - 3.625%)
- Fees: Up to One Point (1% Origination Fee) * Payable to Lender
- Term: 30 years, fixed rate
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** Please note, this rate is subject
to change and additional fees may apply.
Who can
apply for a Teachers Mortgage
Assistance Program
loan?
Eligible applicants for this loan
must meet all of the following
requirements:
- Applicants must be employed full time or part time
as Connecticut-certified public school teachers or
certified regional vocational-technical teachers.
- Applicants must purchase a home in a
priority or
transitional district or they must be certified in and
intend to teach in an academic discipline that the state
has identified as a shortage area.
- Applicants must be first-time homebuyers unless they
are purchasing a home in a
targeted area
- What are the priority and transitional
school districts in effect for this year?
The following list represents the towns and cities that
the state has designated as priority school districts
that will be in effect until June 30, 2012.
- Ansonia, Bridgeport, Danbury, East Hartford,
Hartford, Meriden, New Britain, New Haven, New London,
Norwalk, Norwich, Stamford, Waterbury, Windham.
The following list represents the towns and cities that
the state has designated as transitional school
districts that will be in effect until June 30, 2012:
- Bloomfield, Bristol, Derby, Hamden, Manchester, Middletown,
Naugatuck, Putnam, Stratford, West Hartford, West Haven
- 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?
An applicant’s annual, before-tax household income must
not exceed the CHFA
income limits that apply to the geographic region
where the applicant intends to purchase a home.
Household income is calculated by combining the income
of all resident adults, 18 or older, who are not full time students.
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 Teachers Mortgage Assistance
Program
loan?
CHFA requires that all loan
applicants purchase homes that meet
specific property and sales price
guidelines. Some eligible
applicants under the Teachers
Mortgage Assistance Program must
purchase their home in specific
towns. (See,
priority and
transitional school districts.)
- CHFA Property Guidelines apply to all applicants:
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.)
- Condominiums listed on
the
CHFA-approved Condominium
List
- 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.
- Specific Property
Guidelines apply to teachers
purchasing in special school
districts:
In addition to meeting the above
property requirements for a CHFA
home loan, teachers may qualify
for the Teachers Mortgage
Assistance Program if they
intend to purchase a home, live
and teach in a
priority or transitional school
district.
- 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 Teachers Mortgage Assistance
Program loan?
The following additional considerations
and restrictions apply to Teachers
Mortgage Assistance Program loans.
- You automatically
qualify for a CHFA loan to 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). Qualified borrowers of
the Teachers Mortgage Assistance
Homeownership Program
automatically qualify for a DAP
loan without regard to their
assets or household savings.
Please note:
Typically, 3.5 % of the purchase
price is the minimum required
down payment, depending on the
mortgage insurer’s rules.
- Mortgage insurance
may be required.
Federal mortgage insurance is
required under most CHFA loan
programs. The borrower must be
insured either through the
Federal Housing Administration (FHA), the
Veterans Administration, or
the
USDA Rural Development.
However, private mortgage
insurance is permitted when a
borrower makes a 15% down
payment on a home in a
targeted area and the
mortgage exceeds FHA loan limits
but is within the CHFA sales
price limits of that area. In
addition, there are targeted
CHFA mortgage programs that are
eligible for PMI insurance.
(Your Participating Lender can
provide more detailed
information on these programs.)
Please note:
No mortgage insurance is
required when a borrower makes a
down payment of at least 20% of
the total purchase price on a
newly constructed home in a
targeted area.
- 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.
How do you apply for a
Teachers Mortgage Assistance Program loan?
To apply for a Teachers Mortgage
Assistance 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.
Mailing Address:
CHFA
Attn: Single Family Underwriting
999 West Street
Rocky Hill, CT 06067-4005
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Additional Information
The following documents are related
to the Teachers Mortgage Assistance
Program.
To open and view the document, click
on the document title. Please
note that some documents may need
client software (such as Adobe
Acrobat) to view the
document.
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