Great news for first-time homeowners! An additional $20 million has been added to the Connecticut Housing Finance Authority's (CHFA) Time To Own Program. Funding for the program - which offers down payment assistance to low- and moderate-income homebuyers in Connecticut - now stands at $80 million, with over $21.5 million currently available for loan reservations.
Eligibility requirements for the program include:
Meeting financial need specifications
Qualifying for and receiving a CHFA first mortgage
Being a current resident of Connecticut and demonstrating residency for the most recent three years
The impact of this program will reverberate in the short- and long-term for Connecticut residents; not only will there be a new generation of homeowners, but these residents will begin the process of building inter-generational wealth to pass on to the next generation.
Other benefits of the program include:
A 0% interest rate with no monthly payment required
10% of the loan balance forgiven annually until it is fully forgiven on the tenth anniversary
Financing for up to 20% of a down payment and 5% of closing costs
Your calls, emails, and testimony at public hearings during this year's legislative session had a direct influence on these new laws. Thank you for your input and please continue expressing your views and making your voice heard during our legislative process.
As always, please feel free to contact me at 800-842-8267 or by email at Andre.Baker@cga.ct.gov. And for news and legislative updates, please visit my official Facebook page.