CITY OF TORRINGTON, BANKNORTH CONNECTICUT
AND CONNECTICUT HOUSING FINANCE AUTHORITY
OFFERING FREE FIRST TIME HOMEBUYER SEMINARS
Torrington, CT – Banknorth supports programs that create affordable housing and/or work with families to improve their ability to obtain affordable, quality housing through education, credit awareness, income building and financial assistance. Banknorth Connecticut serving one of its core initiatives to provide affordable housing has announced a homebuyer seminar series for residents of the greater Torrington area.
The Banknorth Mortgage Group in collaboration with the city and Connecticut Housing Finance Authority (CHFA) will be conducting a first time homebuyer class over several Thursdays in January 2005. The classes cover the homebuying process including what banks are looking for, how to apply, the process one goes through and how to make that final decision. CHFA has been sponsoring similar 8-hour classes in other parts of the state.
Mayor Owen Quinn has placed increasing the homeownership rate of Torrington as one of his top ten goals for 2005. He commented “With the support of Banknorth and CHFA this homeownership class will give many of Torrington’s future home buyers valuable information that will ensure long years of successful homeownership. This is a great opportunity for anyone thinking about buying a house and I would encourage them to take advantage of these free classes.”
The 8-hour class to be taught over four Thursdays in January will be held at the Torrington City Hall Auditorium. The classes will run from January 6th through the 27th from 6:00 p.m. to 8:00 p.m. The class will be taught by certified homebuyer educators and Banknorth Mortgage originators. Upon completion of the course participants will be given a certificate that makes them eligible for CHFA’s first-time buyer mortgage product and, for income eligible participants, down payment assistance from the state.
Attendees are led through important decision making factors. For example, the four Cs—Credit, Cash, Capacity and Collateral. These serve as the basic guidelines for lenders. They discuss formulas used to determine mortgage amount families can afford. Generally a family with good credit, a steady income and small debts can afford 2 ½ to 3 times their yearly income before taxes. Banknorth, CHFA and the City of Torrington are working to create opportunities for area families to be able to buy a home within 12-18 months.
There is no charge for the course. All course materials and light refreshments will be provided. To register interested parties should contact Christina Emery, Economic Development Coordinator, City of Torrington at 860-496-5920 or via email at christina_emery@torringtonct.org.
Contact:
Kimberley Brown
Banknorth Mortgage
203-759-4011
Christina Emery
Office of Economic Development
860-496-5920
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