First-Time Homebuyer Program
HDF’s First-Time Homebuyer Program can help you get ready to buy your first home. We offer eligible clients: free counseling, free guidance, and low-cost down payment & closing cost assistance programs. Our process will help you develop action steps to correct credit problems, increase your savings, reduce debt, and move towards homeownership.
*A credit report fee of $14.80 per individual ($29.60 for a joint report, and $14.80 for each additional borrower) is the only required fee.
Step One: Complete the Program Application
Your program application will provide a full picture of your finances so that HDF counselors can assess your mortgage readiness and better counsel you. It will be collected in complete at orientation. It is not a loan application.
Step Two: Register for Orientation
This mandatory 45-min to 1-hr orientation will provide a complete explanation of the program. Registration opens two weeks in advance and closes two business days prior to the orientation date. They are held weekly in our Stamford, Bridgeport, and Danbury offices.
If you are unable to make it to one of our offices due to distance, click here, otherwise:
or call (203) 969-1830 x14.
Step Three: Work with a Counselor
Within 10 days of orientation, a counselor will assess your file and contact you with your action plan for homeownership. In addition, the counselor will let you know which loan products you are eligible to apply for.
HDF offers a variety of downpayment assistance products to help low- and moderate-income households achieve first-time homeownership.
SmartMove Homeownership Program
The SmartMove Homeownership fund enables homebuyers to purchase homes in Connecticut by providing downpayment assistance. For qualified borrowers, SmartMove provides low-interest (3%, APR = 3.42% to 4.74%) 20-year second mortgages of up to 20% of the purchase price. SmartMove borrowers do not have to pay for mortgage insurance and also benefit from lower mortgage payments. Borrowers can put down as little as 1% of the purchase price towards the purchase of their home. There is a $750-$2,500 service fee for SmartMove borrowers. This fee is not included in the loan amount and will be added to closing costs.
In order to be approved for a SmartMove loan, you will have to get your first mortgage from one of our participating banks.
In order to be approved for a SmartMove loan, you will have to get your first mortgage from one of our participating banks. You may choose any of the following banks. Please call the contact person listed below since they are familiar with the SmartMove program.
Chelsea Groton Bank
Rick Turner (NMLS #12498) 860.823.4846
Michele Magowan (NMLS #646283) 860.448.4175
Patricia Rodgers-Longo (NMLS #16181) 860.572.4044
Beth Glynn (NMLS #646282) 860.448.4177
Karen Stearns (NMLS #646281) 860.448.4142
Marta Amor-Baker (Speaks Portuguese) (NMLS #89186) 860.823.4879
Mike Bodnar (NMLS #722130) 203.274.1600
John Dineen (NMLS #722115) 203.858.5078
Connecticut Community Bank, N.A.
Barry Belardinelli 203.254.6385
Fairfield County Bank
Joyce Trombley 203.431.7575
Kathi Leach 203.431.7566
Steven Kornfeld (NMLS# 529108) 860.284.4515
First County Bank
Gottrell McLellan 203.462.4344
Nancy Fay 203.720.5363
Naugatuck Valley Savings and Loan
Lending Toll-Free Line: 855.593.5363
Annette Strumolo 203.575.6862
Newtown Savings Bank
Erik Martin 800.461.0672
People’s United Bank
Terence Floyd 860.922.5983
Savings Bank of Danbury
Michelle Grull 203.797.2639
Al Peña (speaks Spanish) 203.778.7409
Stamford Mortgage Company
Penn Johnson 203.323.6588
Union Savings Bank
Tymina Follins (NMLS# 1098619) – 860.512.2452
Joanne O’Mara – Westchester County, Fairfield County, and Danbury – 860.462.1709
Mina Minelli – Greater New Haven/Shoreline/Valley, Middlesex County, New London County – 203.782.4595
Randy Jarabek – Greater Waterbury, Litchfield County – 860.417.3686
Kevin Moran – Greater Hartford County – 860.485.8616
Live Where You Work (LWYW) Fund
Since 2006, HDF has received a tax-credit allocation from the Connecticut Housing Finance Authority (CHFA) and has used this funding to establish the Live Where You Work Fund (formerly the Workforce Housing Down-Payment Assistance Fund). The LWYW Fund provides 30-year 0% interest loans (up to $20,000) for downpayment or fees to income-eligible clients that purchase properties in the town where they work.
Live Where You Work helps clients to live where they work, and in so doing assists new homeowners by freeing up income for housing and other monthly expenses by reducing monthly personal transportation costs.
As of January, 2013 HDF has provided loans through Live Where You Work to 201 families in 17 Connecticut communities.
Landlord Entrepreneurship and Affordability Program (LEAP)
HDF is pleased to announce the launch of the Landlord Entrepreneurship and Affordability Program! Low and middle- income Connecticut residents can take control of their futures by going from tenants to successful owner occupants with LEAP.
First-time homebuyers can finance their homes with a 30-year, low interest rate CHFA mortgage with downpayment and closing cost assistance provided by HDF. Please check here for latest updates on the interest rate.
HDF’s LEAP is your one-stop-shop for buying a multifamily home. Get the financial counseling you need to become mortgage ready, education to prepare you for being a landlord, and special financing to purchase a multifamily home. Financing for downpayment and closing costs assistance and even energy efficiency upgrades are available, all from an organization dedicated to helping provide opportunities and access to affordable housing for over 25 years. Click here for more info.
Other Funding Available
From time-to-time, HDF receives funds from governmental agencies and other sources to administer as part of its First Time Homebuyers Program. These funding sources are available on a limited basis, and income and eligibility requirements apply. All buyers will need to complete the HDF homeownership counseling program requirements, which include orientation, one-on-one homeownership counseling and conform to HDF’s underwriting criteria. 8-hour CHFA Homebuyer Education classes offered by HDF may be required for some loan programs.
Some programs require applicants to attend an 8-hour in-depth class as part of their loan application:
These classes are mandatory for CHFA loan applicants under the Section 8 Housing Choice Voucher Homeownership Program.
These classes are also mandatory for new HDF borrowers in the First Time Homebuyer Program. The 8-hr Homebuyer Education Class must be completed prior to closing. Homebuyer education can be completed in person at no cost, or online at your convenience for a small fee. More information below.
Option 1: eHomeAmerica
With eHomeAmerica, you can complete an 8-hr class for a $99 fee. For a $24 discount, please use coupon code: HDF24
eHomeAmerica’s Official Homebuyer Education Certified Course is used by more than 300 homeownership counseling agencies in more than 48 states and US territories to provide education, counseling and certification. eHome America is based on the NeighborWorks America’s Realizing the American Dream curriculum and meets the National Industry Standards for homebuyer education.
Option 2: Framework
Framework is the only online homebuyer course designed by experts in online learning. It’s comprehensive, so you’ll have all the facts you need to navigate every step of the buying process. And you can learn when, where, and how you like. It even works on your smartphone.
If you’d like to learn more first, watch this short overview video.
Framework meets many lenders’ requirements for homebuyer education, but check with yours to make sure an online course is acceptable.
- Saturday 6/27/2015
8-hour class, 9am – 5pm in our Danbury office.
You must be registered to attend. Contact Mary-Alice Dinho at (203)-798-6527 x17 or firstname.lastname@example.org to register for this class.