More good news for the Connecticut housing market: This past week, an HSH.com survey named the state as one of the Top 10 locations for first-time homebuyers.
MSN Real Estate reported the results. In Connecticut, first-time homebuyers have access to multiple programs: CHFA’s Homebuyer Mortgage Program, which offers 30-year, fixed mortgages at below-market interest; the Downpayment Assistance Program, which assists Homebuyer Mortgage Program-qualified borrowers with up to 25 percent of the purchase price; the Homeowner’s Equity Recovery Opportunity Loan Program (HERO); and options for public and Section 8 housing and regional programs like UR Home.
Regarding why Connecticut was selected, Timothy Manni, managing editor of HSH.com, said in a press statement: “Not only does the state of Connecticut have more than three statewide programs geared toward first-time homebuyers, the programs they offer run the gamut of nearly anything a first-time buyer would need help with.”
Since the survey’s results were released, Eric Chatman, the president and executive director of CHFA, told the press: “We are seeing an increase in first-time homebuyers applying for mortgages and that’s very good news. First-time buyers are key to the housing market. As greater numbers of first-time buyers enter the market, current homeowners are moving up to their next home, creating a ripple effect throughout the economy.”
McCue Mortgage lends the programs listed in the survey’s results. In Connecticut, we are the top lender of CHFA loans, which further offer special rates or programs for military members, police, and teachers and loans for tenants of Section 8 and public housing looking to transition into homeownership.
McCue is further one of the few lenders qualified to offer HERO. This mortgage allows borrowers – and not just first-time ones – to purchase foreclosed, bank-owned, or abandoned properties. This neighborhood stabilization effort requires the borrower be the primary resident.
UR Home, fully known as the Urban Rehabilitation Homeownership Program, is further offered through McCue Mortgage. This regional loan targets people already working in and wanting to live in Hartford, Waterbury, New Haven, New London, or part of Windham by offering combined low-interest purchasing and no-interest home improvement mortgages.