Form 4684 Bridgeport Connecticut 2024-2025

Form 4684 Bridgeport Connecticut: What You Should Know

The Connecticut Department of Housing and Community Development (DCD) makes financial assistance available to qualified homeowners with a low interest rate loan. In addition, the agency offers loan modifications to qualified eligible homeowners who are in or over their principal residence at the date of request. The goal of the program is to provide homeowners with better financial stability to provide greater financial stability to the Connecticut economy. Applicants must be homeowners and borrowers must live in the area surrounding the site of the housing assistance project. To be eligible for a loan modification and loan for qualified homeowners: (a) You and your spouse and dependent children must be Connecticut residents (i.e., you and/or your spouse and unmarried children are not residents of another state); (b) Your borrower must be a Connecticut resident who is able to obtain a loan from this agency, based on a qualifying income. For example, a single parent (including a divorced or separated parent) having a primary residence within the Hartford or New Haven metropolitan areas; The total loan amount or the principal amount of the loan must not exceed 400,000, if it is a single-family residence loan; (d) The credit limit or the total household credit, if it is a combined loan and interest only loan, must not exceed 3.1 million, or, for an assisted-living facility, a combined loan and interest and disability expenses only loan, where the total loans payable to a qualified borrower (other than the principal component of a combined mortgage-renovation-land lease and assisted housing facility loan) total not more than 75,000 (subject to a single family maximum of 300,000 as set forth in the Connecticut Bank Act); (e) The borrower must be a principal residence borrower if the home is your principal residence, and must not be the borrower's principal residence less an addition to your home or to a qualified dwelling unit. You must meet both requirements for a loan, including: a. A qualifying income of at least 80% of the median income for Hartford, New Haven, and Holland counties in your area. The median income is the annual income of not more than 60,000 for families with the same size, social, racial and ethnic status, education, and occupation. If you do not meet the median income, you must provide evidence of your income that is at least 80% of the median for the area in which you reside.

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