The People's United Bank Affordable Mortgage (PAM) program is designed to create homeownership opportunities for low and low-to-moderate income borrowers in designated central cities in Connecticut.
The Connecticut Housing Finance Authority provides low down payment and below market interest rate financing for eligible first-time home buyers.
A first-time home buyer is defined as a:
- Borrower who has not had an ownership interest in a principal residence for a period of three years prior to application
- Borrower who has owned in the past three years and is purchasing in a federally-designated targeted area.
The CHFA Down Payment Assistance Program (DAP) provides financial assistance in the form of second mortgage loans to eligible first-time home buyers based on their financial needs to assist in the purchase of a 1-4 family home, condominium or PUD (Planned Unit Development).
To qualify for the FHA Program, the borrower must occupy the property as a principal residence and may not have another FHA-insured mortgage unless:
- Re-establishing residency to another location not within reasonable commuting distance of principal residence
- Increase in family size where present house no longer meets the family's needs
- Vacating a jointly-owned property or non-occupying co-borrower purchasing a new residence.
Ask your People's United Mortgage Expert for details.
Equal Housing Lender