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You Deserve a Home of Your Own
You work hard. Have a steady job. Keep up with your bills. And pay the rent that pays your landlord's mortgage. Chances are, for the same amount you now pay in rent, you could be paying a mortgage on a home of your own. Think of it. Your own backyard. Walls you can paint any color you choose. Maybe a garden, garage or deck. Also, owning your own home is a good investment. Your money goes into a valuable asset that you may someday use to help finance college tuition for your children, retirement for yourself or perhaps a step up to a bigger home. You'll get significant tax deductions as well.
You may already be paying as much in rent as you'd pay for a mortgage. "Many deserving families here in Milford make enough money to meet a monthly mortgage payment. It is the up-front costs of buying a home that hold them back. Our new First Time Homebuyers Assistance Program directly addresses those costs to make the dream of home ownership come true," Milford Mayor Frederick Lisman said.
The City of Milford has a special program to help people overcome the initial costs of buying their first home. You must buy a home or condominium in Milford that meets certain eligibility requirements. Your income cannot exceed certain guidelines.
Money available for down payments and closing costs is in the form of "soft second mortgages." This means the loan does not need to be repaid until the property is sold or transferred - except to a surviving spouse,when the property is no longer occupied by the owner, at the end of the term of the first mortgage, or upon default of the first mortgage.
Up to $15,000 in assistance is available for each first time homebuyer. How much each individual or family receives is determined on a case-by-case basis, based upon income and assets and the amount of the pre-qualified first mortgage.
The City of Milford's Community Development Office will help you determine if you qualify for the First Time Homebuyers Assistance Program. Call: 783-3230 for an appointment.
The Milford Bank has set aside $2 million in First Time Homebuyer mortgage funding to support the City program. These special mortgages are offered at attractive terms, are more flexible with income requirements and require minimal personal cash investment. Plus, the bank will refund the application fee at closing.
One of the bank's mortgage representatives will pre-qualify your own mortgage amount so you know how much you can afford before you start shopping. You can visit the bank or the bank can come to you. A representative will meet with you at your convenience in your home or at your workplace.
For more
information, call The Milford Bank at: 203-783-5760 or visit the following
pages for rates or assistance from one of our originators.
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Rates & Terms |
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Free Prequalification |
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Our Originators |
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1st Time Homebuyers |
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33 Broad
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259 Merwin Ave., Woodmont
205 Bridgeport Ave., Devon
1455 Boston Post Road, Milford
2366 Main Street, Stratford
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