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
Click Here to Read 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.