CHFA Time To Own - Forgivable Down Payment Assistance
Connecticut Housing Finance Authority, on behalf of the CT Department of Housing offers Time To Own - Forgivable Down Payment Assistance to first-time buyers in Connecticut: up to $25,000, as a forgivable loan.
- Amount
- Up to $25,000
- Kind of help
- Forgivable loan
- First-time buyers only
- Yes, with exceptions
How is CHFA Time To Own - Forgivable Down Payment Assistance paid back?
Forgivable loan: 0% loan with no payments. 10% is forgiven each year, so after ten years you owe nothing.
A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.
Who qualifies for CHFA Time To Own - Forgivable Down Payment Assistance?
- Only for current Connecticut residents who can show residency for the most recent three years.
- Must be within the Time To Own income limits, which are based on the area median income (AMI).
- First-time buyers only: yes, with exceptions.
- It comes with a CHFA first mortgage loan.
Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.
How to apply for CHFA Time To Own - Forgivable Down Payment Assistance
- Connecticut Housing Finance Authority, on behalf of the CT Department of Housing pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on Connecticut Housing Finance Authority, on behalf of the CT Department of Housing's page for Time To Own - Forgivable Down Payment Assistance, or pick a lender from the agency's list of participating lenders.
Ask a lender about CHFA Time To Own - Forgivable Down Payment Assistance
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.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in Connecticut
- CHFA Down Payment Assistance Program (DAP) Loan: up to 4% of the price or value, at most $15,000, repayable loan.
- CHFA Next Move with Deferred Down Payment Assistance Program: up to 3.5% of the home loan, deferred loan.
- CHFA Homeownership Mortgage for Residents of Public Housing: enough to cover the down payment, repayable loan.
All Connecticut first-time home buyer programs · Down payment assistance in every state