We are experts inCHFA loans.
Prysma specializes in connecting families with these state programs. We are experts in CHFA loans and are dedicated to helping first-time buyers navigate the path to homeownership. Our experienced loan professionals will sit down with you, in English or Spanish, to find the best CHFA loan for your unique situation.
As a premier CHFA-Participating Lender, Prysma Lending Group is proud to offer powerful state programs from the Connecticut Housing Finance Authority (CHFA). These programs are designed to make homeownership in Connecticut a reality, especially for first-time homebuyers.
We understand that the biggest hurdles to buying a home are often qualifying and saving for the down payment. CHFA programs are designed to solve both. They combine affordable, low-interest first mortgages with some of the best down payment assistance options in the country.
Understanding CHFA Programs in Connecticut
Your CHFA First Mortgage
You must first qualify for a CHFA first mortgage. These are not just one type of loan; CHFA offers special benefits on both Conventional and Government-backed mortgages.
HFA Advantage® and HFA Preferred™ Loans: These are CHFA's Conventional mortgage programs. They follow Fannie Mae and Freddie Mac guidelines but offer a 30-year, fixed-rate mortgage with low mortgage insurance costs.
Government-Insured Mortgage Programs: CHFA also offers FHA loans at their special below-market interest rates. These government-backed loans are known for their flexible credit requirements and are a fantastic option for many first-time buyers.
Power Up Your Loan with Down Payment Assistance
Once you've qualified for a CHFA first mortgage, you can pair it with one of these incredible down payment assistance options.
Time To Own (TTO) - Forgivable Down Payment AssistanceThis is an excellent, limited-time program for eligible homebuyers that provides a forgivable loan to cover down payment and closing costs.
Down Payment Assistance Program (DAP) - LoanThis is an effective low-interest loan designed to help you cover the upfront costs of buying a home.
Get Started On The Journey TowardHomeownership Today!
A Special Benefit: Buying in a"Targeted Area"
Do you know about Connecticut's Targeted Areas? Certain areas of the state are designated by federal agencies to encourage homeownership. If you purchase a home in one of these areas:
1. The first-time homebuyer requirement is waived for most programs.
2. You will receive an additional 0.25% discount on your CHFA interest rate (this cannot be combined with other rate discounts like the Teacher or Police program).
Why Choose Prysma?
Focused on Hispanic Homeownership
We know that not everyone gets treated equally. We’re here to correct that for members of our community.
20+ Years of Experience
We’re passionate about what we do, delivering home loans to Hispanic families since 2003.
Honest And Transparent
We make your home-buying experience as clear as possible. We will always be upfront about your options.
We Find Solutions
The home-buying process can be challenging. We’ll help you navigate your options and find the loan that’s perfect for you.
How to Apply for CHFA Programs
The process for all CHFA programs begins with us. As an approved CHFA-Participating Lender, Prysma Lending Group is your starting point. Our expert loan officers will help you determine if you qualify for a CHFA first mortgage and which down payment assistance program (TTO or DAP) is the best fit for you. We will guide you through the entire application, from pre-approval to closing, and coordinate everything with you.
How to Apply for CHFA Programs
The process for all CHFA programs begins with us. As an approved CHFA-Participating Lender, Prysma Lending Group is your starting point. Our expert loan officers will help you determine if you qualify for a CHFA first mortgage and which down payment assistance program (TTO or DAP) is the best fit for you. We will guide you through the entire application, from pre-approval to closing, and coordinate everything with you.
Frequently Asked QuestionsAbout CHFA Programs
What is the difference between the CHFA Time To Own (TTO) and DAP loan?
The main difference is forgiveness. The Time To Own (TTO) loan (up to $25,000) is a 0% interest loan that is 100% forgiven over 10 years, meaning you don't have to pay it back if you stay in the home. The DAP loan (up to $15,000) is a low-interest second mortgage that you do have to pay back, but it still provides essential funds for your down payment.
How do I apply for a CHFA program in Connecticut?
The first step is to contact a CHFA-Participating Lender, like Prysma Lending Group. Our expert loan officers will review your finances, help you get pre-approved for a CHFA first mortgage, and determine which down payment assistance program (TTO or DAP) is the best fit for your situation.
Can I combine the CHFA DAP or TTO loan with other mortgages?
Both the Time To Own and DAP loans are designed to be used only in conjunction with a CHFA first mortgage. You cannot combine them with a standard Conventional or FHA loan from another source. Our team will handle both the CHFA first mortgage and the down payment assistance application for you.
Do I have to be a first-time homebuyer for these CHFA programs?
Not necessarily. While these programs are perfect for first-time buyers, the Time To Own (TTO) program also allows applicants who are not first-time buyers to apply, as long as they plan to purchase a home in a designated "targeted area" of Connecticut. This "targeted area" rule also waives the first-time buyer requirement for the CHFA first mortgage.
What is the Homebuyer Education class?
The Homebuyer Education class is a free, mandatory course required by CHFA for most of its loan programs. It's designed to help you understand the entire home-buying process, from application to closing, and provide tips for successful homeownership. The class is conveniently available to take online.
Testimonials
Start Your CHFA Application with a Trusted Partner
Prysma Lending Group is a premier CHFA-Participating Lender, serving homebuyers across Connecticut. We specialize in helping first-time buyers navigate the state's best programs, including the Time To Own (TTO) and DAP loans.
Our experienced, bilingual loan professionals (Hablamos Español) will sit down with you to find the best CHFA first mortgage and down payment option for your family.
We understand that owning a home can seem daunting, but we are here to support you through every step of the process.
Fill out the form or call today to see which CHFA program is right for you.
(203) 743-9985
