HDF can help you buy your first home with our downpayment and closing cost loan programs.
Applicants must meet HDF’s eligibility criteria and must use an HDF participating lender.
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Eligibility Criteria:
- The applicant, co-applicants, and non-borrowing spouses must NOT have owned a home in the last 3 years.
- Must be a U.S. Citizen, U.S. Permanent Resident (green card holder) or have an approved visa. View our list of acceptable visas.
- Household income cannot exceed HDF’s income guidelines. Review the Income Limits for SmartMove Connecticut, SmartMove New York, and our other programs.
- Have NOT had a bankruptcy in the last 4 years (from the date of discharge).
- Have NOT had a foreclosure in the last 7 years.
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Property Requirements:
- Properties that are eligible includes Condos, Single Family Homes, Multi-Family Homes (2-4 Units), and PUD’s. Co-ops do not qualify, Manufactured Homes only if affixed to the foundation.
- Must be located in the state of Connecticut or New York.
- A Home Inspection is required.
- Must live in the property.
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Mortgage Requirements:
- Recommended Housing and Debt to Income Ratios of 37% / 45%.
- First Mortgage must be a 30-year fixed-rate mortgage.
- No cash back at closing.
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Other Requirements:
- DO NOT have any outstanding collections, charge-offs or current past-due accounts on credit report or have been paid prior to applying.
- Must have funds available to put down at least 1% of the purchase price, inspection fees, appraisal fees, one year of homeowners insurance, and reserves.
- Must take a homebuyer education class with a HUD approved agency or via eHome or Finally Home.
- If buying a multifamily home, must also take a landlord training class.
- Other underwriting criteria may apply.
- Visit our FAQs for additional information: https://hdfconnects.org/faqs/
- DO NOT have any outstanding collections, charge-offs or current past-due accounts on credit report or have been paid prior to applying.
The first step is to begin the intake process and upload the required documents so we can dtermine your eligibility for HDF loan programs. To create your client portal account, click the link below.