Digging for Connecticut First Time Home Buyer Grants to purchase that home? Find the best grants, programs for home buying in Connecticut and other down payment assistance options available to you.
Purchasing a home in any state is an exciting prospect especially in Connecticut!
Exciting and sometimes scary! However, don't let yourself become overwhelmed with the process.
It is my plan to give you some useful information in this article about home grants which will help you with this exciting and much sought after venture.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a credit score of at least 640, you will not be able to qualify for those low down payment programs like the FHA 203b loan that works so well with the various grant programs out there. You want to be able to qualify for these programs and with a higher credit score, you'll find a better interest rate as well.
So if your score is low, work on that first.
When you dig and find that program that is the right one for you, it is like receiving a thumbs up when you close on your dream home.
To begin with, unfortunately, the State of Connecticut does not offer a Connecticut first time home buyer grant program for its residents.
However, they do have a program to assist with the down payment. It is called "DAP" or Down Payment Assistance program. What the program offers is supplemental loans at great interest rates to assist with the down down payment. They are not loans for the purchase of the home, but supplemental loans to help with the down payment. There are requirements to qualify for this assistance.
Why would you consider an assistance program you have to pay back? Well for one thing, you don't have to save up for the down payment. You can finance the down payment with these supplemental programs.
Of course it is something you have to pay back so you must be able to afford the payment. But consider, if you qualify for this option, you have navigated a zero down home loan! Something that is very hard to find.
Another program for first time buyers is the "HFA Advantage® Loan Program." This awesome option is a lower interest program with lower mortgage insurance. How much is the mortgage insurance? That will depend on your credit score. Credit score affects many things, so if your score is not good, work on that first! A better score gives you so many choices.
If you have owned a home previously and wonder if there are any saving options for you.......yes there is. There is a program called "HFA Preferred Loan Program." It too has lower interest and lower mortgage insurance costs. But, the cool thing is it's available for those who had bought homes before. Of course all programs have limitations and restrictions so you must investigate to see if it will be a good choice for you.
Additionally, if you are a renter, there is a program to help you progress to home ownership. It is called the "Homeownership Program." This isn't for all renters, but if you are a renter who receives assistance from the state and want to own a home, this program may be a good match for you. There are income limits and other restrictions that apply, so dig in and learn what you can.
Last but not least, Connecticut offers special programs for military, police and teachers! This state really takes care of those hardworking people. So if your are in one of those positions, be sure to see what is available for you to save money!
There are usually limitations, so do your homework! If you would like to investigate these possibilities, you'll find more information at the Connecticut Housing Finance Authority (CHFA) website.
However, the good news is that the federal government does offer home grants assistance for first time home buyers in Connecticut. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
It is important to note that there are several local first time home buyer grant programs available from specific private organizations in Connecticut.
Now you know about assistance programs for your state. You still need a mortgage that works with them. Finding a lender who understands your needs can be difficult.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Is there more mortgage information for you? Yes, if you want to learn more about other mortgage options you may want to consider the several home mortgage information articles listed here. Take your time and scan the various subjects and become an educated buyer.
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you need.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Go to House Buyer Solutions Home Page.
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