First Time Home Buyer and Affordable Lending Programs
Chelsea Groton Bank has helped thousands of people to become homeowners with our many programs for first time home buyers. And we’re ready to help you too!
Now offering $500 off closing costs for qualified first time home buyers*
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Already started? Complete your application.
Are you or your co-borrower employed as a full-time EMT, firefighter, paramedic, police officer, nurse or teacher (K-12)?** If so, thank you for your service to the community! In appreciation for all you do, you may be eligible to purchase a home with only a 1% down payment, 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.
Time To Own
Think you’re ready to buy, but unsure how you’ll afford it as rates are rising? Chelsea Groton is participating in the CHFA Time To Own - Forgivable Down Payment Assistance loan program, for eligible homebuyers who receive a CHFA first mortgage loan. This program, which offers a 0% annual percentage rate (APR) and no monthly payment, will help alleviate potential homebuyers' inability to cover the down payment and closing costs required to purchase their first home.
Credit Builder Program
New to credit? Or looking to rebuild credit? We’ve designed this program to help those with limited or poor credit history to build good credit. If approved for the loan, the amount you borrow is held in a bank account while you make payments, helping you build savings and credit at the same time.
Home Of Your Own Program
for Persons with Documented Disabilities
Chelsea Groton is committed to assisting all qualifying persons to achieve homeownership. If you or a live-in family member have a documented disability, Chelsea Groton has partnered with Connecticut Housing Finance Authority (CHFA) to help qualifying borrowers purchase their first home with a low-interest rate loan and down-payment assistance through the Home of Your Own Program.***
Connecticut Housing Finance Authority (CHFA)
Looking to buy in an area of CT targeted for revitalization, or trying to live in the same community where you work? A variety of home loans are available at below-market or competitive interest rates to eligible first time home buyers and prior homeowners.
Federal Housing Administration (FHA)
Is your credit score on the low side? In some cases, we can still offer lower down payments and closing costs through FHA first time home buyer loans. Let’s discuss if this makes good financial sense for today and your future.
Veteran’s Administration Home Loans (VA)
Thank you, service members and veterans, for the sacrifices you and your families have made! Service members, veterans, and 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)
Interested in living away from the hustle and bustle? Through the USDA, we can assist low- and very-low-income applicants to obtain housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability.
Down Payment Assistance, Government Loan and Grant Programs:
FHLBB EquityBuilder, HDF SmartMove, CHFA DAP
We partner with a number of organizations to help qualifying buyers purchase homes with low interest rates, reduced down payments or grants.
Before you start your house hunt, get a mortgage pre-approval by contacting one of our experienced mortgage lenders.
Ready to buy?
Apply for a loan
Need more info? Call 860-448-4174 or email us to learn more about our mortgage options.