Increasing Number of CT Residents Looking to Purchase First Home

More than half of Connecticut renters across the state are increasingly interested in buying their first home. Purchasing a home comes with a sense of pride for new home owners and the ability to make changes to their property.

 According to a recent survey conducted by the Center for Research & Public Policy (CRPP) for the Connecticut Housing Finance Authority (CHFA), nearly 74% of renters who are interested in learning about a mortgage indicated that they would be very or somewhat likely to apply for a mortgage. More than half of renters (53%) who were very or somewhat likely to apply for a mortgage indicated that they would be applying sometime in the next year.

 “The fact that so many renters want to become homeowners is very good news for economy in Connecticut.  Becoming a first-time homeowner is a big step, and at CHFA we have several programs that make the process easier for renters,” said Eric Chatman, President and Executive Director, CHFA.  “As an Authority, we are committed to helping Connecticut families achieve their goal of homeownership.

 In addition to historically low home prices, CHFA’s below-market interest rate mortgages help low and moderate income first time buyers make the transition from renters to homeowners.  This week, CHFA’s interest rate for a 30-year fixed mortgage is 3.0%, one of the lowest rates in the Authority’s 44-year history.  

 CHFA offers Downpayment Assistance loans which can cover both downpayment and closing costs, providing an easier transition into first-time homes with minimum out-of-pocket costs. The benefits are endless for these types of programs, most importantly, first time homebuyers can be in a home of their very own with almost no up front costs.

The survey, which polled residents geographically proportional to population contribution of renters statewide, was conducted between April 8 and May 2, 2013.  A total of 600 Connecticut renters participated in the survey.

 Since 1969, CHFA has helped more than 130,000 Connecticut individuals and families become homeowners through its low-interest, single-family mortgage programs. For more information on CHFA and its variety of programs, visit them at: www.chfa.org.

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About the Connecticut Housing Finance Authority

The Connecticut Housing Finance Authority (CHFA) was created in 1969 by the Connecticut Legislature as a self-supporting quasi-public housing agency charged with expanding affordable housing opportunities for the state’s low- and moderate-income families and individuals. CHFA has helped more than 130,000 Connecticut individuals and families become homeowners through its low-interest single-family mortgage programs. In addition, CHFA has financed the creation of nearly 40,000 affordable, quality rental units throughout the state. To date, the combined mortgage financing for CHFA’s single- and multifamily housing programs exceeds $11 billion.