First Time Homebuyer Program

For many years, our experienced mortgage professionals have been giving the very best mortgage advice and service, especially to first time homebuyers.

The Milford Bank has allocated $3,000,000 to date as its commitment to help people achieve the dream of homeownership.  Our First Time Homebuyer Program offers the following:

• Below Market Interest Rates
• Pre-Approval Letters to help you shop for your home
• Low Down Payment options
• Expanded qualifying ratios
• Refundable Application Fee

Chances are, for the same amount you now pay in rent, you could be paying a mortgage on a home of your own.  You can deduct mortgage interest and property taxes from your federal income tax.  Ask your tax advisor for more details.

One of the greatest benefits to home ownership is the equity that is built up in your home over the life of the loan.  You can use the equity to provide funds for whatever you choose – a child’s college education, home improvements or even your retirement.

The Milford Bank has partnered with many local communities and supports first time homeownership. 

For example, 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 eligible requirements. Your income cannot exceed certain guidelines.

Money available for down payments and closings 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 borrower, 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 their First Time Homebuyers Assistance Program.  Call: 203-783-3230 for an appointment. 

For more information, call one of our Mortgage Professionals.

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