Loan Programs For Homebuyers
HDF offers a variety of downpayment assistance products, in addition to our counseling services, to help low- and moderate-income households achieve first-time homeownership. Our products, eligibility requirements, and how to apply are outlined below and to the right.
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. 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
Robert Filippone (NMLS #63727) 203.558.7325
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
First County Bank
Gottrell McLellan 203.462.4344
First Niagara Bank, N.A. (NMLS #413059)
Oliverio “Ollie” Oramas (NMLS #691457) 860.906.6902
Patty Scaglione (NMLS #746993) 203.903.3000
Terena Wilson (NMLS #691455) 203.285.4347
AnnMarie Taliercio (NMLS #108136) 203.800.1990
Jay Doherty (NMLS #39522) 203.800.1951
Hudson City Savings Bank
Ralph Weeks 201.967.1900 Ext. 1352
Bruce Noe 203.720.5377
Naugatuck Valley Savings and Loan
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 (Danbury Contact)
Al Peña (speaks Spanish) 203.778.7409 (Danbury Contact)
Stamford Mortgage Company
Penn Johnson 203.323.6588
Union Savings Bank
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.
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.
To be eligible for HOME funds, the total household income must not exceed 65% of the Area Median Income as adjusted for family size.
This program is contingent upon an agreement with the City of Stamford. To be considered for the Stamford HOME program, you must attend an HDF orientation session.