CHFA Next Move with Deferred Down Payment Assistance Program
Connecticut Housing Finance Authority offers Next Move with Deferred Down Payment Assistance Program to home buyers in Connecticut: as much as 3.5% of your home loan, as a deferred loan.
- Amount
- As much as 3.5% of your home loan
- Type of help
- A deferred loan
- Only for first-time buyers
- No
- Your credit score
- At least 620
How do you pay back CHFA Next Move with Deferred Down Payment Assistance Program?
This deferred loan is a 0% loan with no monthly payment, and the agency pages don't say when it must be repaid.
No monthly payment comes with a deferred loan. Selling the home, refinancing it or paying off the first mortgage triggers repayment of everything.
What are the qualifications for CHFA Next Move with Deferred Down Payment Assistance Program?
- Your household income can be up to 120% of the area median income (AMI).
- Being a first-time buyer isn't required.
- You'll need a credit score of 620 or higher.
- Before buying, you'll need to finish a homebuyer education course.
- This option uses CHFA Next Move (Non-Bond) as the first mortgage loan.
- No limit on the sales price.
Your county and household size set most limits. Use our HUD income lookup to see the median income for your area and how your household compares.
Applying for CHFA Next Move with Deferred Down Payment Assistance Program
- An approved lender handles both this help and your home loan application, because Connecticut Housing Finance Authority sends the money through them.
- Before reserving funds for you, the lender compares the house plus your credit and income with the program's rules.
- At closing, the help goes toward your down payment and closing costs.
Connecticut Housing Finance Authority's page for Next Move with Deferred Down Payment Assistance Program has the full rules and current application status; the agency also offers a lender list for choosing one.
Talk to a lender: CHFA Next Move with Deferred Down Payment Assistance Program
Tell us where you're buying and a lender that works with Connecticut's programs can tell you whether CHFA Next Move with Deferred Down Payment Assistance Program fits you, and what you could combine with it.
Prefer not to call? Share your details and the lender will get in touch with you.
More first-time buyer programs in Connecticut
- CHFA Down Payment Assistance Program (DAP) Loan:
Repayment is required on this loan, which can reach 4% of the home's price or value and stops at $15,000.
- CHFA Time To Own - Forgivable Down Payment Assistance:
A forgivable loan of up to $25,000.
- CHFA Homeownership Mortgage for Residents of Public Housing:
A repayable loan large enough to cover the down payment.
Every Connecticut first-time home buyer program · Down payment assistance across every state