CHFA Time To Own - Forgivable Down Payment Assistance

Connecticut Housing Finance Authority offers Time To Own - Forgivable Down Payment Assistance to first-time buyers in Connecticut: up to $25,000, as a forgivable loan.

Amount: As much as $25,000
Help type: A loan that can be forgiven
Limited to first-time buyers: The answer is yes, with exceptions

How does paying back CHFA Time To Own - Forgivable Down Payment Assistance work?

You make no payments on this forgivable 0% loan. Each year 10% of the loan is forgiven, which means you owe nothing after ten years.

Once you've kept the home and held its first mortgage for as many years as the program sets, the loan is written off.

Which buyers can get CHFA Time To Own - Forgivable Down Payment Assistance?

Showing residency for the most recent three years is required, and only current Connecticut residents qualify.
The area median income (AMI) is the basis for the Time To Own income limits you must stay within.
Only first-time buyers: yes, though exceptions apply.
You take it together with a CHFA first mortgage loan.

Your county and household size set most limits. Use our HUD income limits search to see the median income in your area and how your household compares.

Applying for CHFA Time To Own - Forgivable Down Payment Assistance

Approved lenders send out this help for the Connecticut Housing Finance Authority. Apply with one as you arrange your home loan too.
After the lender reviews your credit, income and the home under the program's rules, it reserves the money on your behalf.
It goes toward your down payment and closing costs when the sale closes.

Connecticut Housing Finance Authority's page for Time To Own - Forgivable Down Payment Assistance has the full rules and shows if it's taking applications; another option is choosing from the agency's participating lenders.

CHFA Time To Own - Forgivable Down Payment Assistance: ask a lender

Tell us where you're buying and a lender that works with Connecticut's programs can tell you whether CHFA Time To Own - Forgivable Down Payment Assistance fits you, and what you could combine with it.

Call 866-602-7460

Prefer not to call? If you share your details, the lender will get in touch.

More first-time buyer programs in Connecticut

CHFA Down Payment Assistance Program (DAP) Loan:
Repayable loan: no more than 4% of the price or value, with $15,000 as the top amount.
CHFA Next Move with Deferred Down Payment Assistance Program:
Deferred loan, capped at 3.5% of the home loan.
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 in every state