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First Time Homebuyer Seminar
The City of Torrington, in conjunction the Connecticut Housing Finance Authority (CHFA) and TD Banknorth Mortgage Group will be conducting a first time homebuyer class over several Thursdays in October.  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.  

Over 40 individuals had the opportunity to take a homebuyer course in Torrington last January.  

Mayor Owen Quinn has placed increasing the homeownership rate of Torrington as one of his top ten goals.  He commented, “This homeownership class will give many of Torrington’s future home buyers valuable information that will ensure long years of successful homeownership.  Over 40 individuals took the homebuyer course last January and I am pleased to be partnering with Banknorth to offer the training again.  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 October will be held at the Torrington City Hall Auditorium.  The classes will run from October 6th through October 27th  from 6:00 p.m. to 8:00 p.m.  The class will be taught by certified homebuyer educators and TD 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.  TD 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 Director, City of Torrington at 860-496-5920 or via email at christina_emery@torringtonct.org.