Frank J. Smith

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 more than $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
• Demonstrating residency for the most recent three years

This program will have short and long-term effects benefiting our state. 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:

• 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

Learn More About the Time To Own Program

Part of what makes Connecticut great is that we seek to lift up all residents, regardless of income or background. This program is one more example of that commitment to our community.