Homebuyer Mortgage Program

Homebuyer Mortgages are 30-year, fixed rate loans, carrying an
interest rate below comparable market rates. Funds are available
on a continuous basis, year-round. Mortgages are originated and
serviced by over 100 participating lenders (banks and mortgage
companies) statewide.

Eligible Borrowers

Homebuyer Mortgages are available to first time homebuyers with
low or moderate incomes who are buying moderately priced homes
within CHFA sales price limits or persons who have not had an
ownership interest in a home for the previous 3 years. Prior homeowners
may qualify for a mortgage if the home they purchase is within a
targeted area. Household income limits, which vary by town, apply
to all borrowers with one exception: In targeted areas, over income
limit households may still apply for CHFA financing without regard to
the income limits.

Eligible Properties

The Homebuyer Mortgage loan may be used to purchase an existing
one- to four-family home, a newly constructed single family home, or
a newly constructed two-family home in a targeted area.
Eligible condominiums and qualified mobile homes may also be financed.
Maximum sales limits have been established for each county, with
exceptions for some individual towns.

 Additional Considerations