Home of Your Own Mortgage Program for Borrowers with Disabilities
CHFA can help borrowers with disabilities purchase their first home. If you, or a family member who will be living in your home, have a documented disability, you may be eligible for a low-interest rate loan through the Home of Your Own program. Previous homeowners may also qualify if they plan to purchase a home in a targeted area, which are communities targeted by the federal government for revitalization.
- Low interest rate
- Reduced rate down payment assistance
- 0% down
- You must provide proof of your disability or the disability of a family member who will be occupying the home with you, such as evidence of Supplemental Security Income (SSI) and/or documentation from the State Department of Social Services (DSS) or Department of Developmental Services (DDS).
- You must be a first-time homebuyer or have not owned a home in the past three years.
- The home must be your primary residence. Investment or vacation properties are not allowed.
- The sales price of the home must be within the CHFA Sales Price Limits, and your gross income must be within the CHFA Statewide Income Limits. The CHFA Resource Map can tell you if you are within program eligibility limits.
- Existing – Single Family
- New Construction – (Statewide Single Family / 2 unit eligible in Targeted Areas only)
- 2 – 4 units (existing & occupied as residential for the past 5 years)
- Condominiums (FNMA & FHA approved – Includes 2-4 unit projects)
- PUD’s (FNMA & FHA approved)
Targeted Area Exception
If you have owned a home in the past three years, you may still be eligible if you plan to purchase in a targeted area, which is a community targeted by the federal government for revitalization. CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment Assistance Program loan.
Downpayment Assistance Program (DAP) Loans
- If you have the monthly income to pay both loans, but not enough savings to pay the down payment costs, you may qualify for a reduced-interest rate loan of at least $3,000 to cover down payment costs. The interest rate could be as low as 1%, depending on your income.
- You will be required to attend a free Homebuyer Education course prior to closing. The course will help you understand the home-buying process and offer tips for maintaining a home. Classes are held online and at locations across Connecticut.
- Federal mortgage insurance through the Federal Housing Administration (FHA), the Veterans Administration, USDA Rural Development, or Private Mortgage Insurance may be required. Insurance may not be required for borrowers with a down payment of 20% or more.
- In rare cases, you could be required to pay a Federal Recapture Tax if you sell your home within the first nine years, AND earn a profit, AND your income exceeds the designated Federal Recapture Tax Income at the time of sale. Should you fall into this category, you may be reimbursed by CHFA for the taxes paid if you complete and file the required forms. Consult a tax professional if you have questions on the Recapture Tax.
How to Apply
There are nearly 100 CHFA-Approved Lenders, many with multiple branches in the state. To apply for a CHFA mortgage, find a lender near you.