Current mortgage rates in CT
Stop overpaying for home insurance
Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.
SmartFinancial can help you do just that. SmartFinancial’s online marketplace of vetted home insurance providers allows you to quickly shop around for rates from the country’s top insurance companies, and ensure you’re paying the lowest price possible for your home insurance.Explore better rates
Mortgages in Connecticut
Every year, the Connecticut Housing Finance Authority (CHFA) lends more than $500 million across the state’s 169 towns to help residents attain affordable housing.
The CHFA offers a wide variety of programs for qualifying first-time homebuyers in Connecticut, including everyone from veterans to residents of public housing. You’ll work with a CHFA-approved lender to determine which programs you qualify for and which will meet your specific needs.
More: Get a free credit score and credit monitoring from Credit Sesame.
HFA Advantage and HFA Preferred Loans
The HFA Advantage and HFA Preferred mortgage programs are popular with first-time homebuyers because they help save on insurance costs and benefit from CHFA's below-market interest rates.
People who aren’t first-time homebuyers may still qualify for these mortgages if they purchase a home in a targeted area.
By using these programs, you’ll face no upfront mortgage insurance costs, lower monthly mortgage insurance costs, and your mortgage insurance premiums end when you reach 20% equity in your home.
Teachers Mortgage Assistance
CHFA offers an additional 0.125% off its already below-market interest rate loans to help teachers become homeowners in the communities where they work.
To qualify, you must hold a valid Connecticut teaching certificate and teach in specific schools, areas or fields.
Additionally, CHFA will increase the rate reduction to 0.25% to help recruit and retain minority teachers who either graduated from a public high school in an educational reform district or graduated from a historically Black college or university or a Hispanic-serving institution.
Military Mortgage Option
CHFA extends special benefits to military families preparing for homeownership. Financing options are available to current members and veterans of any branch of Military Services, the Army National Guard or the Air National Guard to help them purchase their first home.
Military service members and veterans are entitled to an additional 0.125% off CHFA’s interest rates. This program is also open to unmarried, surviving spouses or civil union partners of a veteran who died as a result of military service or service-connected disabilities.
Police Homeownership Program
To help police officers purchase a home in the community where they work, CHFA offers an additional 0.125% off its special interest-rate loans.
To qualify for this program, you must be a municipal police officer buying a home in the participating city or town where they work or a state police officer buying in any participating town. The towns involved in the program are listed on the CHFA’s website.
Home of Your Own Program
This program is designed to help borrowers with disabilities purchase their first home. Individuals with documented disabilities or their family members living in the same home can qualify for a low-interest rate loan.
To receive the rate, you must provide proof of your disability or that of your family member who will be occupying the home. CHFA defines proof here as evidence of Supplemental Security Income (SSI) and/or documentation from the State Department of Social Services (DSS) or Department of Developmental Services (DDS).
Homeownership for Public Housing Residents
This program is designed to help ease the transition from renting to homeownership for residents of public housing.
CHFA offers below-market interest-rate loans to tenants of rental housing managed or financed by CHFA, subsidized by the U.S. Department of Housing and Urban Development or managed by local housing authorities.
Downpayment Assistance Program (DAP)
Recognizing that the major barrier to homeownership is the ability to put aside enough money for a down payment, CHFA offers secondary low-interest loans to help Connecticut residents cover their down payment.
A DAP loan is a second mortgage on your home, and in most cases, the interest rate will be the same as the rate on a CHFA first mortgage.
To qualify, you’ll need to have your first mortgage through a CHFA-approved lender. You’ll be required to use any household savings above $10,000 toward your down payment, with the exclusion of funds in your retirement account (though CHFA waives this requirement for police officer and teacher program loans). And your lender may charge you a $200 application fee.
Also note: Your DAP loan must be at least $3,000 but no more than the minimum down payment required for your home, which is usually between 3% and 3.5%. You’ll work with your lender to determine how much of a down payment you’ll have to make and verify your ability to repay both your first mortgage and the DAP loan.
Follow These Steps if you Want to Retire Early
Secure your financial future with a tailored plan to maximize investments, navigate taxes, and retire comfortably.
Zoe Financial is an online platform that can match you with a network of vetted fiduciary advisors who are evaluated based on their credentials, education, experience, and pricing. The best part? - there is no fee to find an advisor.