Your first mortgage, with every option explained
First-time buyers face the most choices with the least experience to weigh them: low down payment programs, CHFA assistance, conventional versus FHA. We walk through every option side by side so your first mortgage is a decision you understand, not one you were handed.
Who it fits
Buyers with little saved
Conventional 3% down and FHA 3.5% down programs, plus CHFA assistance, can lower the cash needed at closing.
Buyers who haven't owned recently
Many first-time buyer programs define eligibility as not owning a home in the past three years, not literally never having owned.
Buyers unsure which loan fits
We compare conventional, FHA, and CHFA-assisted scenarios side by side before you choose.
Conventional vs. FHA vs. CHFA-assisted, for a first home
An illustrative $350,000 first-time purchase in Connecticut.
| Path | Min. down | Mortgage insurance | Down payment assistance |
|---|---|---|---|
| Conventional 3% down | 3% | PMI, removable at 20% equity | Not included |
| FHA 3.5% down | 3.5% | MIP, often life of loan | Not included |
| CHFA-assisted | As low as 0-3% | Program-dependent | State assistance available |
Illustration only. CHFA eligibility depends on income limits, purchase price limits, and homebuyer education requirements; actual terms depend on your specific scenario.
Where first-time programs help
- Down payments as low as 3% (conventional) or 3.5% (FHA)
- CHFA down payment assistance available to eligible CT buyers
- More flexible credit and debt-to-income guidelines than move-up buyers often need
- We compare every path before you commit to one
What to weigh
- Lower down payment options often mean mortgage insurance
- CHFA has income and purchase price limits
- Homebuyer education is sometimes required for assistance programs
- Smaller down payments mean less initial equity
Common questions
Do I count as a first-time buyer if I owned a home years ago?
Often, yes — many programs define a first-time buyer as someone who hasn't owned a home in the past three years, not someone who has never owned at all.
What is CHFA?
The Connecticut Housing Finance Authority, a state program offering below-market financing and down payment assistance to eligible first-time buyers.
How much down payment assistance is available?
It varies by program and household — we'll check your eligibility and walk through current CHFA options together.
Should I choose conventional or FHA?
It depends on your credit score, down payment, and how long you plan to stay in the home — we compare both against your actual numbers.
See your first-time buyer options, side by side
No cost, no obligation — we'll compare conventional, FHA, and CHFA-assisted scenarios for you.