This first mortgage program is designed to assist both first-time and repeat homebuyers who may not qualify for the more restrictive Make it Yours Program requirements, including permitting previous homeowners to purchase a home.
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Benefits
- No maximum sales price
- DPA can be used for down payment and/or closing costs
- Deferred down payment assistance up to 3.5% of the first mortgage loan amount at 0.00% interest rate
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Eligibility Requirements
- Income qualified borrowers purchasing in Connecticut
- Borrower income not to exceed 120% Area Median Income
- Owner Occupied Purchase only
- 620 credit score
- Must be coupled with Deferred DPA
- Non-Occupant Co- Borrowers not allowed
- Only borrowers signing the note can hold title
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Property Guidelines
- One-to-four-unit properties
- Condominiums
- PUDS
- No renovation loans
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Additional Considerations
- 30- year fixed rate term
- Landlord Education required on all 2-4 Unit HFA Advantage (FHLMC) properties
- Income limits are based on qualifying repayment income only
- Homebuyer Education required prior to closing if first-time homebuyer. Must be HUD Approved or align with National Industry Standards
Next Move with Deferred DPA (Non- Bond) Program FAQ Download PDF
How to Apply
To apply for the Next Move with Deferred DPA (Non-Bond) Program, contact a CHFA-Participating Lender: