Making Dreams a Reality with First-time Homebuyer, Affordable Lending and Conventional Mortgage Options
We help qualifying customers get on the path towards homeownership with our first-time homebuyer and affordable lending programs*:
- Community Heroes Homeownership Program
Individuals and families who have at least one loan applicant employed as a full-time EMT, firefighter, paramedic, police officer or teacher (K-12) may be eligible to purchase a home with only a 1% down payment requirement, and up to $500 off closing costs. There is no requirement that the community hero lives in the same town where he or she works.
- Connecticut Housing Finance Authority (CHFA)
A variety of home loans are available at below-market or competitive interest rates to eligible first-time homebuyers and to prior homeowners intending to purchase homes in areas targeted for revitalization, or in the communities where they work.
- Federal Housing Administration (FHA)
The U.S. Department of Housing and Urban Development (HUD) insures FHA loans, so we can offer homebuyers benefits such as lower down payments and closing costs.
- Veterans Administration (VA)
Service members, veterans, and eligible surviving spouses may be eligible for home loans and other housing-related programs to help buy, build, repair, retain, or adapt a home for personal occupancy.
- United States Department of Agriculture (USDA)
Assists low- and very-low-income applicants to obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance, as determined by the adjusted family income, to increase an applicant’s repayment ability.
- Various Down Payment Assistance and Grant Programs (FHLB EquityBuilder, HDF SmartMove, CHFA DAP)
Programs help qualifying buyers purchase homes with lower interest rates, reduced down payments or grants.
Together, we will review your financial situation to determine which conventional mortgage products and term lengths are best for you.
- Fixed Rate Mortgages
The interest rate on fixed rate mortgages remains the same throughout the duration of the loan. The homebuyer has a single, consistent payment to make each month, and can plan a budget according to this fixed cost. Various terms are available.
- Adjustable Rate Mortgages
The interest rates on adjustable or variable rate mortgages change periodically based on the market index. The homebuyer may enjoy greater affordability in the early years of their loan. Adjustable Rate Mortgages provide a strategy for shorter term mortgage financing.
Learn more and apply online at our MortgageCenter or call one of our experienced loan officers at 860-448-4174.
*Qualifying properties include primary residence, second homes and select investment properties. All loans subject to underwriting guidelines and credit approval. Not all programs and products are available at all times in all states. All loan programs, terms, conditions are subject to change or discontinuance without notice and subject to borrower and property qualifications. NMLS ID# 402928. Chelsea Groton Bank is not acting on behalf of or at the direction of HUD/FHA, CHFA, or the Federal government.