The state of Connecticut offers the ultimate experience of New England prestige and, although it is one of the smallest states in area, it is also one of the most popular. Connecticut is home to vintage Victorian architecture as well as upper-tier universities such as Yale and Wesleyan.

For the most part, people living in Connecticut are fairly well off. Connecticut's median income is among the highest in the nation, and the property taxes are similarly high. With the right planning, however, owning a home in Connecticut is possible. Home loans are offered from many lenders that work closely with the Connecticut Housing Finance Authority (CHFA).

The Connecticut Housing Finance Authority makes owning a home easier for many Connecticut residents by helping to keep mortgage interest rates low as well as offering mortgage refinancing options for those who may be at risk of foreclosure due to an adjustable rate mortgage that has gone to a higher rate.

As might be expected, the best home mortgage rates are available to those with very good credit, and also to first-time home buyers. Qualified borrowers may also receive some assistance with closing costs or with making the required down payment.

In order to encourage growth in certain areas of Connecticut, there are some targeted areas where additional reductions of mortgage rates may be offered. Persons with certain occupations, such as police officers, military personnel, nurses and some teachers may also qualify for a special mortgage break when purchasing a home.

The CHFA also offers emergency assistance to those who are having difficulty with their mortgage payments due to a job loss or medical condition in the family. Those experiencing an unexpected budget crunch should talk to the CHFA about possible options early in order to protect their credit and their homes.

Whether or not a home buyer falls into one of the categories that is qualified to receive assistance from the CHFA, nearly every home buyer should consider credit counseling that will help to understand the terms of the mortgage and what to expect regarding taxation, homeowner's insurance, maintenance costs and other expenses that might be acquired as a home owner. Some programs will require participation in home owner education, especially for those with lower credit scores, but the sessions are available to anyone who feels they may be useful or wants to stay informed about the different offerings available.