Gov. M. Jodi Rell, R-Conn., has enhanced the CT FAMLIES refinancing program to allow more homeowners to participate.
The governor eliminated the program's first-time home buyer requirement, allowing homeowners who purchased properties with a subprime adjustable-rate mortgage and subsequently refinanced into another adjustable-rate product to be eligible; made available to participants of the CT FAMLIES program the same interest rate (6.00%) as the prevailing Connecticut Housing Finance Authority home buyer mortgage rate; and selected additional lenders to originate CT FAMLIES mortgages.
In addition to these programmatic changes, according to the governor's office, the state is taking a series of steps designed to increase awareness of the CT FAMLIES program and increase overall participation.
