There is good news for low and moderate-income families in Connecticut looking to buy their first home as a popular homeowner assistance program is now accepting a new round of applicants.

The Time to Own program provides forgivable loans for down payments and closing costs and has enabled individuals and families to achieve the dream of homeownership, fostering long-term financial stability and contributing to stronger communities throughout the state.

Administered by the Connecticut Housing Finance Authority (CHFA) on behalf of the Connecticut Department of Housing, this program has already helped thousands of people in the state buy their first homes since launching in 2022.

Benefits of Time to Own include:

🏠0% Interest rate with no monthly payment required
🏠Financing to cover up to 20% down payment and up to 5% closing costs
🏠Loan amounts up to $25,000
🏠Ten percent (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

To date, Time To Own has helped more than 4,800 homebuyers in 149 towns buy their first homes, more than half of whom are people of color. With a new $40 million funding allocation, Connecticut has invested $195 million in the program.

Expanding access to homeownership helps individuals and families secure their future here, and is an investment in encouraging economic growth in our state. For more information on eligibility and how to apply, click here.

For additional questions, you may contact the CHFA Homeownership Department at (860) 571-3541 or email sfaminquiry@chfa.org