Connecticut Fair Alternative Mortgage Lending Initiative & Education Services (CT FAMLIES) Program

The CT FAMLIES Program, a refinance mortgage assistance program, has been established by Connecticut Housing Finance Authority (CHFA) to allow low-to-moderate income homeowners refinance into a fixed rate, 30-year mortage.

How can Connecticut Housing Finance Authority (CHFA) help homeowners stay in their homes?

CHFA gives homeowners who do not currently have an Adjustable Rate Mortgage (ARM) through the Federal Housing Administration (FHA), whether current or delinquent and regardless of reset status, the ability to refinance into a CT FAMLIES mortgage. The CHFA lender will not automatically disqualify you because you are delinquent on your mortgage payment, and CHFA may offer you a CT FAMLIES second mortgage to make up the difference between the value of your property and what you owe.

The program is offered through the Connecticut Housing Finance Authority (CHFA) and was developed in response to the recommendations of the Governor’s Task Force to address the subprime mortgage crisis in the State of Connecticut. It allows individuals and families who bought their home using an Adjustable Rate Mortgage (ARM), or who originally had an Adjustable Rate Mortgage and refinanced into another Adjustable Rate Mortgage the opportunity to refinance to a low-interest, 30-year fixed rate mortgage. CT FAMLIES loans are government-insured through the FHASecure program. The FHASecure program is a mortgage insurance initiative offered by the Federal Housing Administration to enable homeowners to refinance various types of Adjustable Rate Mortgages.

Is CT FAMLIES only for borrowers who used an Adjustable Rate Mortgage to buy their first home?

No. CT FAMLIES loans are for individuals and families who bought any current home using an Adjustable Rate Mortgage, or who had an Adjustable Rate Mortgage and refinanced into another Adjustable Rate Mortgage. You must also reside in the property as your primary residence. If you have an Adjustable Rate Mortgage that’s about to reset or your ARM interest rate is already too high, you should consider a CT FAMLIES mortgage.

Homeowners with a fixed rate mortgage, that is current, may also be eligible for the CT FAMLIES Program.

Click here for Frequently Asked Question about the CT FAMLIES Program which includes eligibility requirements, maximum mortgage limits, a listing of CT FAMLIES Lenders and more.