Homeownership: It’s Within Your Reach

Hugo Balta

The Connecticut Housing Finance Authority (CHFA) has been dedicated to helping first-time homebuyers achieve the dream of homeownership for over fifty years. However, in today’s competitive real estate market, the dream has become a distant reality for some homebuyers. The increase in home prices caused by the lack of housing inventory, and the high cost of construction material (due to the interruption of the global supply chain), has first-time homebuyers questioning whether they should wait to purchase a home. In addition to the ripple effect the housing market is having on first-time homebuyers, the struggle to save for a down payment due to high student loan debt is a real concern.

In a study done by Zillow, it would take a renter a little over nine years to save for a 20 percent down payment in the Hartford metro area (this includes Hartford, Tolland, and Middlesex Counties). 

Despite the current economic environment that’s affecting the real estate market, CHFA continues to provide affordable mortgage programs to first-time homebuyers.

White residents in Connecticut are twice as likely to own a home than are people of color. Compared to other states, Connecticut has the second-largest gap for homeownership rates between its white and Hispanic-Latino residents, a CT Mirror analysis of Census data shows.

Compared to other states, Connecticut ranks 47th for Hispanic-Latino homeownership (34%).

Since 1969, CHFA has helped over 150,000 families and individuals attain their dream of homeownership. Offering below-market interest rates and down payment assistance allows the homebuyer to keep their mortgage payment low while keeping some, if not all, of their savings to cover expenses that come with being a homeowner.

Furthermore, a CHFA mortgage can be used in conjunction with government and conventional loan programs. Having multiple financing options has made it easier than ever for first-time homebuyers to find the right mortgage program that will meet their needs.

Providing homebuyer education is a key component of CHFA’s mortgage programs. CHFA works with HUD-approved housing counseling agencies to offer the following free homebuyer education services:

  • Pre-Purchase Homebuyer Education Class open to anyone that is considering purchasing their first home 
  • Pre-Closing Homebuyer Education Class open to applicants who currently have a CHFA loan Reservation in process
  • Landlord Education Class open to anyone who would like to learn more about property management
  • Financial Fitness Education Workshop open to anyone who would like to enhance their knowledge of managing personal finances

It is never too early or too late to start thinking about homeownership.

CHFA mortgage programs and resources such as the Downpayment Assistance Program (DAP) Loan and homebuyer education help put homeownership within your reach. To learn more visit www.chfa.org/homebuyers , contact: SFAMinquiry@chfa.org, or (860) 721-9501.

Publisher’s Note: The above is a paid advertorial by the Connecticut Housing Finance Authority