Available Mortgage Programs for Low/Moderate Income Populations
East Hartford, CT - There are at least two new mortgage programs available to low and moderate income households. These programs are NOT administered by the town but are shared on the town website as a resource available to our community.
- Local Bank Community Investment Programs
Liberty Bank offers its “Good Neighbor Plus” program to most of East Hartford, determined by low and moderate income census tracts. The program provides $2,500 towards closing costs, pays for private mortgage insurance, and discounts the mortgage rate by 0.5%. It allows for a down payment of as little as 3%. The census tracts in town that do not qualify, located in the northeast and southeast sections of town (see map), still qualify for the original Good Neighbor program, which provides $300 instead of $2,500 towards closing costs and still all of the other benefits.
There is no income limit, and the minimum credit score is only 640. First-time homebuyers must complete a homebuyer education program. Good Neighbor Plus is available in qualifying census tracts in East Hartford, Bloomfield, Hartford, Manchester, and Windsor. The original Good Neighbor program is available in the rest of those towns as well as areas in 19 other Connecticut municipalities.
For more information visit this page.
- TD Bank New Mortgage Loan Product Designed for Minority Communities
TD Home Access Mortgage offers borrowers greater flexibility and a $5,000 lender credit for down payment on home purchases, an obstacle that nearly half of Black and Hispanic buyers identify as a roadblock to homeownership.TD Home Access Mortgage provides prospective buyers with an affordable mortgage option, including a $5,000 lender credit which does not require repayment, that borrowers can use for closing costs or toward a down payment on a home purchase. It also offers more flexibility with a greater debt-to-income (DTI) ratio and expanded underwriting requirements, as well as credit parameters that increase accessibility.
For more information visit this page.
- MT&T Bank Loan Offers
M&T Bank, based in Buffalo, is acquiring Bridgeport-based People’s United Bank, with People’s branches expected to transition to M&T in February of 2022. M&T pledged to invest $43 billion on loans and other investments in low and moderate-income communities over their entire footprint, which will extend from Maine to Virginia. The plan includes $23 billion for home purchases, home equity, and small business loans, and $20 billion for community development and affordable initiatives. It has said it will work closely with community organizations when it begins rolling out these initiatives.