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Old 09-16-2008, 12:49 PM
 
154 posts, read 456,034 times
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Default closing costs programs in CT?

Is anyone aware of any closing costs assistance programs for homebuyers (first-time) in CT.? I've checked the Ct. homebuyers wesbite and can't find anything other than the typical FHA loans. The CT. website is actually slightly confusing. Some states, like New York, do a second small loan to help with closing costs. Is anyone aware of anything like this in CT.?

Also, any lease to buy options in the West Hartford area and/or surrounding suburbs (family-friendly ones like Farmington, Canton, Granby, etc.)?

thanks!
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Old 09-16-2008, 01:56 PM
 
Location: West End-Hartford
546 posts, read 1,169,285 times
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We are seeing many deals now where sellers are covering a portion or all of the buyer's closing costs. I've had this in several instances this year where I represented the buyer.

If you're looking for loans which cover closing costs, they are typically making up the money somewhere, typically in the interest rate charged.
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Old 09-16-2008, 07:19 PM
 
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Call the Ct Housing Finance Authority (CHFA). If there is a loan like that, they will know about it. They're very helpful there.
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Old 09-16-2008, 08:04 PM
 
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Amy - is there a reason why they would do that if it's a seller's market? I would only expect that in a buyer's market. Would you say that a $240k house is really going for $240k or do they go below asking price?

thanks for your expertise.

And to the other poster - thanks for the advice - I will call them. That's the website I looked at originally and I have to say, it's one of the more confusing state housing websites I've seen!
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Old 09-16-2008, 08:21 PM
 
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Housing Development Fund
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Old 09-16-2008, 10:17 PM
 
154 posts, read 456,034 times
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trishguard - great website! Unfortunately for me, it only serves Southwestern CT. but it's a great resource for first time homebuyers in that area.
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Old 09-17-2008, 01:47 PM
 
Location: West Hartford, CT
103 posts, read 274,086 times
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Karelise-

Have you already looked into a CHFA loan? I wasn't sure if that was what you were referring to above. There are loan and income limits but they do a DAP (downpayment assistance program) loan which will cover your closing costs. Their website is:
CHFA Buying Your First Home (http://www.chfa.org/FirstHome/Homebuyer%20Programs.htm - broken link)

The CHFA/DAP loans are a little funky so I highly suggest that you talk to a lender who does CHFA.

I don't know firsthand of other programs, other than getting the seller to contribute closing costs.
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Old 09-17-2008, 10:49 PM
 
154 posts, read 456,034 times
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Thanks Jessica, after reading your post I put a call and email into them to see if I can find out more. It (finding out about downpayment and closing costs programs) was pretty simple in some of the other states we were considering but not so clear, at first glance, on the CHFA site.

Hopefully someone there will get back to me. Even their phone menu options seemed disorganized.
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