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Programs for Closing Cost Assistance

Closing Cost Basics

Closing costs are the fees associated with closing a real estate deal. There are a variety of potential costs including, but not limited to, paying for attorneys, title services, fees for official records, fees for surveying land, paying the real estate broker their commission, appraisal, warranties, pre-paid interest, etc. These fees and costs, when combined, can amount to a significant sum which is part of the reason for the establishment of programs to facilitate financing for home buyers.

The Department of Housing and Urban Development provides information about and access to many programs for home buyers in Connecticut to take advantage of. For more information on other programs to finance home buying efforts, visit the Housing and Urban Development website. What follows are several examples of programs that provide assistance with closing costs in areas of Connecticut. For more information about purchasing a home through the use of mortgages, visit here. Also, if credit scores, a subject very directly related to home buying, is a concern, this information will be helpful.

Pilot Downpayment Assistance and/or Closing Cost Program for Manchester.

The Connecticut Housing Finance Authority provides homebuyer programs to assist them in handling the costs of obtaining home ownership, including closing costs. One such program is the Pilot Downpayment Assistance and/or Closing Cost Program for homebuyers in certain areas of the city of Manchester. This program provides mortgages with fixed rate for 30 year terms, for more information click here.

American Dream Downpayment Initiative

The American Dream Downpayment Initiative is designed to assist first time home buyers with down payment, closing costs and rehabilitation. Those seeking financial assistance from the ADDI must be first-time homebuyers looking for a single family house who have not owned homes for at least three years beforehand. To check on eligibility and other potential concerns, visit the Housing and Urban Development website.

Additional City Based Programs

In addition to federal and statewide programs there are closing cost assistance opportunities with target areas in individual cities. One example is the City of Bridgeport Down Payment Assistance Program for first time home buyers. This program is designed to assist with down payment, closing costs and gap financing. The criteria include purchasing in the city of Bridgeport, being a first time home buyer, engaging in first time home buyer education programs and HUD income guidelines. For more information on specific city based programs and other programs for first time home buyers, visit here.

There are a significant number of programs available to provide financial assistance in purchasing a home, particularly in obtaining funding for closing costs. Many of these programs are combined with other programs and several of them are eligible only to first time home buyers. Be sure to check the links and do further research to find the best options. For more information on types of financing available for purchasing homes, be sure to check this out.

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