In an effort to provide housing opportunities, and assistance to potential home buyers in Hartford, Fannie Mae, together with the City of Hartford and local mortgage lenders, have created HouseHartford. This program offers home buyers down payment and closing cost assistance, and new mortgages for buying one-to-four family homes. HouseHartford can provide an opportunity for persons-families to purchase homes in Hartford for their principal place of residence who without such assistance would not be able to acquire their own homes.

Generally, low, moderate and middle income potential homeowners can apply for assistance under this program. There are, however, program restrictions based upon the total annual household income of the applicant.

For a single family property or condominium unit the total annual household income of the home buyer cannot exceed the maximum income limits established by HUD annually and represent 80% of the Hartford Area Median Family Income.  Call 860 757-9005 for annual limits).

If the income of the home buyer exceeds the maximum income limits for a single family property the home buyer can still purchase a two, three or four family home.

In cases such as these at least one of the rental units must be occupied by a family whose total annual household income does not exceed the above income limits.

Further, there are maximum rent amounts that can be charged to the tenant based on the number of bedrooms.  Call 860 757-9005 .

Although Fannie Mae offers many mortgage programs, the following programs are the most popular for purchasing a one, two, three or four family home.

Eligible home buyers are required to provide their own funds in an amount equal to 3 percent of the
sales price towards the down payment. The City will provide an interest free loan in an amount equal to 5 or 7 percent of the sales price to complete the down payment depending upon the borrower’s income. In addition to this down payment assistance, the City also offers eligible home buyers an interest-free loan for up to $3,000 towards eligible closing costs. The City’s contribution is non-repayable if the home buyer stays in the home for five years.(*)

Eligible home buyers are required to provide their own funds in an amount equal to 5 percent of the sales price towards the down payment. The City will provide an interest free loan in an amount equal to 5 or 7 percent of the sales price to complete the down payment depending upon the borrower’s income. In addition to this down payment assistance, the City also offers eligible home buyers an interest-free loan for up to $3,000 towards eligible closing costs. The City’s contribution is an interest-free loan which is non-repayable if the home buyer stays in the home for five years.(*)

Eligible home buyers are required to provide their own funds in an amount equal to 10 percent of the sales price towards the down payment. The City will provide an interest free loan in an amount equal to 5 or 7 percent of the sales price to complete the down payment depending upon the borrower’s income up to a maximum of $20,000. The City’s contribution is non-repayable if the home buyer stays in the home for five years(*). In addition to this down payment assistance, the City also offers eligible home buyers an interest-free loan for up to $3,000 towards eligible closing costs.

(*) If the amount of City Assistance exceeds $15,000 then the Borrower must maintain the property as their principal place of residence for not less than ten years.

You should contact one of the participating lenders listed on the back and tell them that you want to apply for the HouseHartford Program.

For additional information concerning Fannie Mae, contact the Fannie Mae Consumer Information
Hotline-1-800-732-6643. For more information regarding HouseHartford and Participating Lenders call 860 757-9005.

• The City offers eligible home buyers an interest free down payment loan of either 5% or 7% of the purchase price, depending on the total annual household income.

• The City also offers eligible home buyers an interest free loan of up to $3,000 for eligible closing costs.

• As long as you maintain the property as your primary place of residence, you do not have to repay your down payment and closing cost assistance loans. These loans are forgiven at the rate of either 20% per year or 10% per year depending upon the total amount borrowed.
  
• HouseHartford Down payment and Closing Cost Assistance is limited to one to four family housing units and condominiums all of which must be located within the City of Hartford.

• If you wish to purchase a single family home, your total annual household income cannot exceed the limits displayed in Box #1.

• If your total annual household income exceeds those limits displayed in Box #1, you can still purchase a two, three, or four family property provided that you maintain at least one (1) rental unit as affordable in accordance with the maximum income and rent limits displayed in Boxes #2 and #3.

• The borrower's) are required to use all their assets for the down payment and/or closing costs, with the exception of Five Thousand Dollars ($5,000).