Websites that offer specific financing programs:
Department of Housing & Urban Development
Programs at HUD include:
- Home Buyer’s Page
- American Dream Downpayment Initiative – The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 – 2007. ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards.
To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.
In eastern Connecticut the program is administered by Eastern Connecticut Housing Opportunities, Inc. (ECHO). View ECHO’s detailed fact sheet, and the ADDI Home Buyer Application for the American Dream Downpayment Initiative.
For additional information, contact:
Eastern CT Housing Opportunities, Inc.
228 State Street, Suite 5
New London, CT 06320
- Renter’s Page
- Veterans Administration – 100% financing is available through the VA.
Department of Agriculture, Rural Development Housing Programs
-single family direct and guaranteed loans, grants, and repair and rehabilitation Loans and a variety of multifamily programs.