POLICE
Homeownership Program
For many towns and cities in the state, it’s beneficial to their
safety and security to have police officers living in the
community. This Program encourages police officers to
purchase homes and reside in the communities where they
work by offering home loans at below-market interest rates.
ELIGIBILITY REQUIREMENTS
You must be a municipal or state police officer, purchasing
a home in a designated area of a participating town. If you
are a municipal police officer, you must work in the town
where you purchase your home. State Police officers may
purchase a home in any participating city or town.
You must be a first-time homebuyer or have not owned a
home in the past three years. Borrowers who have owned
a home previously may also apply if they plan to purchase
in a targeted area of the state. You may not owe any
property at the time of closing your CHFA mortgage.
The sales price of the home does not exceed CHFA Sales
Price Limits and the borrower(s) gross income must not
exceed the CHFA established Income Limits based on
household size. (see Sales Price & Income Limits at
chfa.org)
Note: Income limits do not apply if you are purchasing a home
in a Targeted Area unless you are using Downpayment
Assistance Program or one of the following CHFA loan
products: HFA Preferred™, HFA Advantage®, or CHFA CALP.
The interest rate is the CHFA published rate on the day
your CHFA-Approved Lender registers your loan. This
program offers borrower(s) an additional interest rate
reduction of .125%. (If purchasing in a Targeted Area,
the interest rate can be reduced by .25%). (See list of
Targeted Areas at chfa.org)
DOWN PAYMENT ASSISTANCE PROGRAM (DAP)
CHFA offers a down payment assistance second mortgage loan to
borrowers who are receiving a CHFA first mortgage. Applicants
must require a minimum of $3,000 to be
eligible for DAP funding.
Applicants will be required to make
a minimum investment of
$1,000 towards the acquisition.
PARTICIPATING TOWNS AND CITIES - The following towns and
cities are currently participating in this Program:
Bloomfield
Hamden
New Britain**
Putnam
Bridgeport*
Hartford*
New Haven*
Stamford**
Cheshire
Manchester
New London*
Stratford
Danbury**
Meriden**
New Milford
Waterbury*
East Haven
Milford
Norwalk**
West Hartford
Enfield
Norwich**
Woodbridge
Targeted Area* - Portions Targeted**
Note: Applicants should contact their police department or town
hall to obtain details on eligible areas in their town or city.
MORTGAGE INSURANCE
Mortgage insurance is required when the amount financed
exceeds 80% of the appraised value or purchase price, whichever
is less. Your lender will work with you to determine the type of
mortgage insurance needed.
HOMEBUYER EDUCATION CLASS
At least one borrower is
required to attend a free homebuyer
education class prior to
closing. Classes are held at several
locations or online. Your
lender will provide you with information
for online counseling
when your loan is reserved.
A landlord certificate is also required if purchasing a two to four
family home. (see Counseling Class schedules at
chfa.org)
FEDERAL RECAPTURE TAX
In rare cases, you could be required to pay a Federal Recapture
Tax in the future if you sell the house. Your lender will provide
you with information at the time of application. You may be
eligible to receive reimbursement from CHFA if you are required to
make the Federal Recapture Tax payment.
HOW TO APPLY
To learn more about the program and to apply, contact one of the
CHFA-Approved Lenders for guidance. (see CHFA-Approved
Lenders list at chfa.org) or call CHFA toll free at: 844-CT1-HOME
(844-281-4663).
Rev. 3-4-2021
