Connecticut First-Time Home Buyer Programs of 2021

By NerdWallet 
Updated
Edited by Amanda Derengowski
Connecticut First-Time Home Buyer Programs of 2018

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Buying a first home in Connecticut can be a financial challenge. Help is available for first-timers, whether they’re shopping for a New Britain colonial, a New Haven condo or a New London cottage. Since 1969, the Connecticut Housing Finance Authority, or CHFA, has assisted low- to moderate-income first-time home buyers with below-market-rate mortgages and down payment assistance. CHFA considers you a first-time buyer if you have not owned a home within three years.

National first-time home buyer programs

Many first-time home buyers take advantage of these national loan programs, which feature low down payment or flexible credit requirements. These loans are available nationwide through most lenders.

Conventional mortgage

Best for:

Low down payments, limited mortgage insurance premiums

What you need to know:

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.

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Rocket Mortgage - PURCHASE logo
Check Rate

on Rocket Mortgage

Rocket Mortgage

5.0

NerdWallet rating 
Rocket Mortgage - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 
3.5%

Check Rate

on Rocket Mortgage

Better - PURCHASE logo
Check Rate

on Better

Better

4.5

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Better - PURCHASE logo

4.5

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Min. credit score 
620

Min. down payment 
3%

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