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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 .  


Teachers Mortgage Assistance Program Interest Rates

Currently, the Teachers Mortgage Assistance Program is providing mortgages at the following rate:

    • Government Insured Interest Rate: 3.000%** (APR range 3.1 - 3.5%)
    • Non-Government Insured Interest Rate: 3.250%**(APR range 3.350% - 3.750%)
    • 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 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 where they are teaching.
    • Applicants must be first-time homebuyers unless they are purchasing a home in a targeted area

  • What are the subject matter shortage areas in effect for this school year?

    The following list represents the state-determined academic subject matter shortage areas that will be in effect until June 30, 2016.  Teachers certified and teaching in these subjects may qualify for a Teachers Mortgage Assistance Program loan in any school district:        

    • Bilingual Education PK-12, Comprehensive Special Education K-12, , Intermediate Administrator, Mathematics 7-12, School Library and Media Specialist, Science, 7-12, Speech and Language Pathologist, Technology Education, PK-12, TESOL, PK-12, World Languages 7-12


  • 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 and transitional school districts that will be in effect until June 30, 2016.

    • Ansonia, Bridgeport, Bristol, Danbury, Derby, East Hartford, East Haven, Hamden, Hartford, Killingly, Manchester, Meriden, Middletown, Naugatuck, New Britain, New Haven, New London, Norwalk, Norwich, Putnam, Stamford, Stratford, Vernon, Waterbury, West Haven, Windham


  • 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 FHA's 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.

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 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.

Related Documents Found: 5  matches     Displaying: 1 - 5 
150 Teachers Mtg Program -Stmnt of Eligibility - Eff. 7-1-15 to 6-30-16 031-030 Rev 7-15
This document must be completed by an authorized agent of the school system to certify Teachers eligibility to receive CHFA mortgage loan financing under the terms and conditions of the Teachers Mortgage Assistance Program.

Counseling Class Schedule - 8 Hour Pre-Purchase Education Class - 4Q 2015
This chart list the 4th quarter schedules for the Pre-Purchase Education Program. These classes are available to prospective homebuyers.

Counseling Class Schedule - 3 Hour Pre-Closing Education Class - 4Q 2015
This class list the 4th quarter class schedules for the Pre-Closing Education classes. These classes are available to homebuyers who has a reservation loan number for a CHFA loan.

Income and Sales Price Limits rev. 8-14-2015
This document details the income and sales price limits that are in effect in different geographic regions of the state.

Program Brochure- Teachers Mortgage Assistance Program 2015-2016
This brochure lists priority and transitional school districts for the program effective July 1, 2015 through June 30, 2016.
Found: 5  matches     Displaying: 1 - 5