|
Did you know that the Connecticut Housing Finance Authority (CHFA) can help with down payment assistance on a home?
The Time to Own - Forgivable Down Payment Assistance loan helps alleviate the financial burden of covering the down payment and closing costs required to purchase a first home for potential homebuyers.
As of September 15, $37.4 million is available for loan reservation.
The program offers:
- 0% Interest rate with no monthly payment required.
- 10% of the principal balance will be forgiven annually, on the anniversary date of the loan closing, until the loan is fully forgiven on the tenth anniversary.
- Financing to cover up to 20% down payment and up to 5% closing costs.
- Loan amounts up to $25,000.
Eligibility Requirements:
- The Time to Own loan is only available to eligible applicants who qualify for and receive a CHFA first mortgage.
- Applicants must be current residents of Connecticut and able to demonstrate residency for the most recent three years.
- Applicants who are not first-time homebuyers may also apply if they plan to purchase in a targeted area of the state. Borrowers may not own any other property at the time of the CHFA mortgage closing.
For more information, click HERE. For information in Spanish, click HERE.
Additional Resources:
Time To Own Program Area Median Income (AMI) Limits
CHFA Sales & Income Limits and Targeted Areas
|
