Single-Family Energy Conservation Loan Program

How can I qualify for the Energy Conservation Loan Program?

To qualify for the Single Family Energy Conservation Loan Program you must: 1) own a 1-4 family home located in the State of Connecticut; 2) the average of your adjusted gross income as reported on your IRS income tax returns for the last two years must not exceed the program's established income limits for your family size; 3) you must be a resident of the State of Connecticut; and, 4) you must have good credit.

What are the program's established income limits?

Income limits vary depending on the size of your family and the location of your home. Call (800) 992-3665, ext. 2019 or 2023 for income guidelines for your area or E-mail loans@chif.org.

What is an eligible property?

A single family property with 1 to 4 residential units located in the State of Connecticut may qualify for the Single Family Energy Conservation Loan Program.

How much money can I borrow?

The minimum loan amount under the Energy Conservation Loan (ECL) program is $400. The maximum amount you can borrow is $25,000. These figures are based on your ability to repay the loan. To determine just how much you can borrow, we will add up all of your existing debts, i.e., mortgage, insurance, real estate taxes, car loan, student loan and 5% of the balance on your revolving charge cards and compare that figure to your income level. All of these factors taken together will determine the final amount that you can borrow.

How is the interest rate determined?

ECL below-market interest rates are based upon: 1) the borrower's average adjusted gross income from the past two years' federal income tax filings; 2) family size; and, 3) the location of the property. Call (800) 992-3665 or (860) 233-5165, ext. 2019 or 2023 for information about current interest rates.

What are the terms of the loan?

Repayment of the loan is figured for a maximum period of 10-years. Borrowers may repay the loan sooner if desired, with no prepayment penalty.

Do I need excellent credit to qualify?

Yes, CHIF will look to see that all of your credit accounts are current. We want to know that you have a strong history of repaying any debts that you personally incur. If you have a question about your credit history, you may contact a CHIF loan officer.

How long is the application process?

"Due to the large number of requests to the ECL Program, we are processing applications within estimated four to six weeks from the date we receive applications. When CHIF first receives your application, we will run a check of your credit history. We will check to see that you meet the debt-to-income ratio. Once we determine that you qualify, you will be contacted by a CHIF loan officer either by phone or mail.

Do I need to send an estimate or proposal along with my application?

No. One of the attractive features of this program is that no estimate or proposal is required at the time of application. However, a written estimate will be required later in the application process.

What other materials should I submit with my application?

In addition to the completed application form, please submit copies of the past two years' federal tax returns with schedules and a copy of your monthly mortgage statement or coupon or release of mortgage or deed.

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Staff from the City of New Britain discuss the transfer of their portfolio to CHIF for servicing. CHIF services three loan programs for New Britain.

CHIF staff regularly confer with staff from the Connecticut Department of Economic and Community Development in administering the Energy Conservation Loan Program.

CHIF Program Administrators are available to assist applicants with Energy Conservation and Home Improvement Loans.

CHIF offers a variety of loan programs for Connecticut homeowners. CHIF offers programs for first-time homebuyers, as well as programs for existing homeowners to make their homes more energy-efficient.