Chelsea Groton Bank is pleased to partner with the Connecticut Housing Finance Authority (CHFA) to help borrowers with documented disabilities to purchase their first home, through the Home of Your Own Program.
The Home of Your Own Program allows borrowers to be eligible for a low-interest rate loan and down-payment assistance if the borrower or a live-in family member of the borrower has a documented disability.
“Keeping in line with our commitment to assisting all qualifying persons to achieve homeownership, we are thrilled to be able to offer a program specifically for the members of our community who overcome challenges each day due to a documented disability. We look forward to supporting the borrowers and their loved ones as they purchase a first home,” shared Matt Morrell, VP, Retail Lending Manager at Chelsea Groton Bank. “As the leading mortgage lender in Eastern Connecticut, we’re committed to preparing people to buy a home when it makes good financial sense for them. This program offers financial assistance and ensures, by requiring borrowers to attend a homebuyer class, that first time homeowners are prepared to accept the responsibility of homeownership.”
In addition to providing the disability documentation, borrowers must be a first-time homebuyer or have not owned a home in the past three years, and the home must be the borrower’s primary residence. Borrowers must qualify for the program and attend a free Homebuyer Education course prior to closing. Eligible properties may include existing single family homes, multi-unit, condominiums, townhouses and new construction.
Chelsea Groton offers many additional affordable lending programs to the community through partnerships with Veterans Administration, Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including FHLB Equity Builder, HDF SmartMove, and CHFA DAP.
Please visit chelseagroton.com for more information and to contact a lender about specific eligibility requirements.