Police Homeownership Program

CHFA is proud to offer an additional 0.125% off the already below-market interest rate loan to help Police Officers purchase homes in the participating communities where they work. 

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  Benefits

  • Reduced below-market rate loan
  • Down payment assistance loans available
  • Target Area rate discount may apply

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  Eligibility Requirements

  • You must be a municipal Police Officer buying a home in the participating city or town where you work or a State Police Officer buying in any participating town.
  • You must be a first-time homebuyer or have not owned a home in the past three years.
  • The home must be your primary residence. Investment or vacation properties are not allowed.
  • The sales price of the home must be within the CHFA Sales Price Limits, and your gross income must be within the CHFA Income Limits.  The CHFA Resource Map can tell you if you are within program eligibility limits.

   

  The following municipalities participate in this program:

  Bloomfield Bridgeport* Cheshire Danbury** East Haven Enfield Hamden Hartford*

  Manchester Meriden** Milford New Britain** New Haven* New London* New Milford Norwalk**

  Norwich** Putnam Stamford** Stratford Waterbury* West Hartford Woodbridge

   *Targeted Areas   
  **Certain portions are targeted areas
   

  If your town does not participate, please call CHFA and we will work with your town on participating in the program.  In addition, some municipalities offer grants to cover closing costs.  Police Officers are encouraged to check with their city or town.

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  Additional Considerations

  • You will be required to attend a free Homebuyer Education class prior to closing. The class will help you understand the home-buying process and offer tips for maintaining your new home. Classes are held online and at locations across Connecticut.
  • The loan must be insured through the Federal Housing Administration (FHA), the Veterans Administration, USDA Rural Development, or Private Mortgage Insurance. If you make a down payment of 20% or more, mortgage insurance may not be required.
  • In rare cases, you could be required to pay a Federal Recapture Tax if you sell your home within the first nine years, AND earn a profit, AND your income exceeds the designated Federal Recapture Tax Income at the time of sale. Should you fall into this category, you may be reimbursed by CHFA for the taxes paid if you complete and file the required forms. Consult a tax professional if you have questions on the Recapture Tax. 

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  Eligible Properties

  • Existing – Single Family
  • New Construction – (Statewide Single Family / 2 unit eligible in Targeted Areas only)
  • 2 – 4 units (existing & occupied as residential for the past 5 years)
  • Condominiums (FNMA & FHA approved – Includes 2-4 unit projects)
  • Townhomes
  • PUD’s (FNMA & FHA approved)

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  Targeted Areas

  If you are not a first-time homeowner, or have owned a home in the past three (3) years, you may still be eligible for a CHFA loan if you plan to purchase in an area of the state targeted for revitalization, known as a Targeted Area.  (You may not own any other property at the time of loan closing)  

  Applicants purchasing a home in a Targeted Area should follow the income limits for "Targeted Areas" reflected on the CHFA Income, Sales Price Limits, Target Area chart. 

  The programs published interest rate may be reduced by 0.25% for eligible applicants purchasing in a federally Targeted Area of the state.

How to Apply

CHFA has nearly 70 participating lenders across the state, so find a CHFA- Participating Lender near you and apply!